DAILY USD/CHF TECHNICAL OUTLOOK
Last Update At 12 Jan 2016 00:23GMT
Trend Daily Chart
Sideways
Daily Indicators
Neutral
21 HR EMA
0.9990
55 HR EMA
0.9985
Trend Hourly Chart
Sideways
Hourly Indicators
Rising
13 HR RSI
59
14 HR DMI
+ve
Daily Analysis
Choppy consolidation to continue
Resistance
1.0077 - Last Thur's European res
1.0054 - Last Fri's high
1.0023 - Y'day's high
Support
0.9931 - Y'day's European sup
0.9881 - Y'day's low (AUS)
0.9852 - Dec 24 low
. USD/CHF - 0.9990... Although price fell briefly to 0.9881 ahead of the Asian open on risk averse buying of chf, the greenback pared its losses n gained to 0.9988 in European morning, then higher to intra-day high at 1.0023 in NY.
. Let's look at the daily chart 1st, despite dlr's early resumption of fall fm 2015 fresh 4-year top at 1.0330 (Nov) to a 6-week low of 0.9786 in Dec, subsequent rebound to 0.9991 n then rally to 1.0126 last Tue confirms the 1st leg of correction has ended. Having said, last week's erratic fall to 0.9922, then 0.9881 y'day suggests choppy consolidation with downside bias is seen. A daily close below 0.9852 would strongly suggest aforesaid corrective rise fm 0.9786 has ended, then re-test of this level would be seen later where a break there would extend weakness twd 0.9701 (50% r of intermediate upmove fm 0.9072-1.0330). Only a daily close abv 1.0054 dampens bearishness, risks 1.0126.
. Today, y'day's intra-day strg rebound fm 0.9881 to 1.0023 suggests dlr's fall fm last week's top at 1.0126 has made a temporary low there n 1-2 days of choppy sideways trading is seen b4 another fall takes place twds Dec's bottom at 0.9786. Therefore, trading dlr fm both sides of the market is recommended.
Trendsetter does not warrant or guarantee the accuracy, timeliness or completeness to its service or information contained therein. Trendsetter does not give, whatsoever, warranties, expressed or implied, to the results to be obtained by using its services or information it provided. Users are trading on their own risk and Trendsetter shall not be responsible under any circumstances for the consequences of such activities. Trendsetter and its affiliates, in no event, be liable to users or any third parties for any consequential damages, however arising, including but not limited to damages caused by negligence whether such damages were foreseen or unforeseen.
Recommended Content
Editors’ Picks
EUR/USD stays near 1.0800 after upbeat US data
EUR/USD stays under modest bearish pressure and trades near 1.0800 in the American session on Thursday. The data from the US showed that the real GDP growth for the fourth quarter got revised higher to 3.4% from 3.2%, supporting the USD and weighing on the pair.
GBP/USD stays in daily range above 1.2600
GBP/USD fluctuates in a narrow channel above 1.2600 on Thursday. The better-than-expected Initial Jobless Claims data from the US and the upward revision to the Q4 GDP growth helps the USD stay resilient against its rivals and limits the pair's upside.
Gold pulls away from daily highs, holds above $2,200
Gold retreats from daily highs but holds comfortably above $2,200 in the American session on Thursday. The benchmark 10-year US Treasury bond yield stays above 4.2% after upbeat US data and makes it difficult for XAU/USD to preserve its bullish momentum.
XRP price falls to $0.60 support as Ripple ruling doesn’t help Coinbase lawsuit against SEC
XRP programmatic sales ruling by Judge Torres was completely rejected by another US Court that ruled in favor of the SEC in a lawsuit against Coinbase.
Portfolio rebalancing and reflation trades emerge into Q2
Yesterday’s price action pointed at a possible end-of-quarter portfolio rebalancing as the session saw the laggards of the quarter like Apple and Tesla gain, and the stars like Microsoft and Nvidia retreat.