chf   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.

chf

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