WEEKLY USD/CHF TECHNICAL OUTLOOKLast Update At 24 Nov 2014 00:05GMT
Trend Daily Chart
Up
Daily Indicators
Bearish divergences
21 HR EMA
0.9679
55 HR EMA
0.9638
Trend Hourly Chart
Up
Hourly Indicators
Easing fm o/bot
13 HR RSI
72
14 HR DMI
+ve
Daily Analysis
Possible resumption of MT uptrend
Resistance
0.9772 - 61.8% proj. of 0.9024-0.9690 fm 0.9360
0.9742 - Nov 07 fresh 1-year high
0.9714 - Intra-day high in NZ
Support
0.9664 - Hourly su9
0.9635 - Prev. hourly res (now sup)
0.9606 - Last Thur's high (now sup)
. USD/CHF - 0.9714... The greenback also swung wildly in tandem with euro in inverse direction last week. Despite ratcheting lower to a 3-week bottom of 0.9530 last Wed, price jumped on FRi to 0.9709 due to intra-day selloff in the euro after ECB Draghi's repeated dovish comments of launching stimulus measures.
. Let's look at the bigger picture 1st, dlr's aforesaid strg bounce fm 0.9530 to 0.9709 (Fri) signals pullback fm Nov's fresh 1-year peak at 0.9740 as ended there n re-test of this res lvl shud be forthcoming soon, break wud confirm MT uptrend fm 0.8698 (May's near 2-1/2 year low) has once again resumed n yield gain to next upside target at 0.9772, this is 61.8% proj. of intermediate rise fm 0.9024 to 0.9690 measured fm 0.9360. Having said that, as the daily technical indicators wud dispaly 'bearish divergences' on such move, strg gain may not be seen n reckon 0.9875 (61.8% proj. of 0.8857-0.9690 fm 0.9360) wud cap upside n risk has increased for a long-overdue correction to occur. On the downside, a daily close below 0.9530 signals temp. top is made n risks 0.9442.
. Today, price rose to 0.9731 in NZ is currently trading abv 21-hr & 55-hr emas, buying dlr on dips is the way to go for subsequent headway twd 0.9772.
_20141124071625.png "chf")
Recommended Content
Editors’ Picks
EUR/USD clings to daily gains above 1.0650
EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.
Gold holds steady at around $2,380 following earlier spike
Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Week ahead – US GDP and BoJ decision on top of next week’s agenda
US GDP, core PCE and PMIs the next tests for the Dollar. Investors await BoJ for guidance about next rate hike. EU and UK PMIs, as well as Australian CPIs also on tap.