DAILY USD/CHF TECHNICAL OUTLOOKLast Update At 24 Jul 2015 00:36GMT
Trend Daily Chart
Up
Daily Indicators
Rising
21 HR EMA
0.9586
55 HR EMA
0.9589
Trend Hourly Chart
Sideways
Hourly Indicators
Rising
13 HR RSI
55
14 HR DMI
+ve
Daily Analysis
Consolidation with upside bias
Resistance
0.9719 - Apr 23 high
0.9697 - 100% measure. of 0.9150-0.9517 fm 0.9333
0.9651 - Tue's high
Support
0.9526 - Y'day's low
0.9503 - Reaction low fm 0.9550
0.9475 - Hourly res (now sup)
. USD/CHF - 0.9594... The greenback remained under pressure in Asia y'day n briefly tumbled to session low at 0.9526 in European morning on euro's rally, however, price later rose to 0.9604 on upbeat US data n buying in eur/chf cross.
. As mentioned in previous update, last week's rally abv May's 0.9545 high confirms erratic upmove fm 0.9072 (May low) has resumed after 1-1/2 months of sideways trading n price is en route to 0.9725, this is the 'dynamic' 61.8% r of recent fall fm 1.0129 (Mar high), abv there would encourage for further headway twd next chart obj. at 0.9863 (Apr high). Having said that, dlr's strg retreat fm 0.9651 to 0.9526 y'day suggests aforesaid rise fm 0.9072 has made a temporary top there n several days of consolidation is in store b4 prospect of upmove to indicated upside targets later. Therefore, buying on dips is favoured n only a daily close below 0.9503 sup would risk stronger retracement to 0.9430, this is a 'minimum' 38.2% r of said rise fm 0.9072 but 0.9330 should hold.
. Today, dlr's erratic rise fm 0.9526 to 0.9604 near NY close suggests the pullback fm 0.9651 has possibly ended, abv 0.9633 would add credence to this view n yield re-test of 0.9651, then twd next chart obj. at 0.9719 next week.
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