DAILY USD/CHF TECHNICAL OUTLOOKLast Update At 24 Apr 2015 00:44GMT
Trend Daily Chart
Sideways
Daily Indicators
Falling
21 HR EMA
0.9589
55 HR EMA
0.9600
Trend Hourly Chart
Near term down
Hourly Indicators
Falling
13 HR RSI
35
14 HR DMI
-ve
Daily Analysis
Consolidation b4 recent decline resumes
Resistance
0.9670 - Y'day's European high
0.9627 Y'day's European morning low
0.9602 - 38.2% r of 0.9719-0.9530
Support
0.9530 - Y'day's low
0.9480 - 03 Apr low
0.9450 - 38.2% r of 0.8352-1.0129
. USD/CHF - 0.9556... Although the greenback briefly rose to session high at 0.9719 at Asian open, dlr quickly reversed gains n fell to 0.9627 in Europe deu to selling in eur/chf cross. Intra-day decline accelerated in NY morning on downbeat U.S. data, dlr later tumbled to as as low as 0.9530 in NY afternoon.
. Looking at the hourly n daily charts, despite y'day's rise to 0.9719, subsequent sell off suggests recent choppy trading inside the established broad range of 0.9863-0.9480 wud continue with downside bias n below daily 0.9480 sup wud confirm decline fm 1.0129 (Mar peak) to correct early rise fm 2015 trough at 0.7360 (Jan) to pressure price to 0.9450 (being a 'minimum' 38.2% of the intermediate rise fm 0.8352) n then 0.9240 (50% r) later next week. Therefore, selling dlr on recovery in anticipation of weakness to above mentioned downside targets is recommended. On the upside, only a daily close abv 0.9625 wud 'prolong' the volatile trading inside 0.9480-0.9863 range n risk wud shift to upside for another rise twd 0.9719.
. Today, as current price is trading below 21-hr & 55-hr emas, selling dlr on recovery is the way to go as upside shud falter well below 0.9625.
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