WEEKLY USD/CHF TECHNICAL OUTLOOK
Last Update At 1 Feb 2016 00:08GMT
Trend Daily Chart
Sideways
Daily Indicators
Rising
21 HR EMA
1.0215
55 HR EMA
1.0186
Trend Hourly Chart
Up
Hourly Indicators
Easing fm o/bot
13 HR RSI
65
4 HR DMI
+ve
Daily Analysis
Consolidation b4 marginal rise
Resistance
1.0308 - Dec 02 high
1.0276 - Dec 03 high
1.0257 - Last Fri's near 2-month peak
Support
1.0220 - Fri's reaction low fm 1.0257
1.0165 - Hourly chart
1.0111 - Last Thur's low
. USD/CHF - 1.0249... Dlr swung wildly last week b4 jumping to 1.0224 in Asia on Fri after BoJ's surprise -ve rate decision, price briefly retreated to 1.0133 b4 climbing to 1.0257 on active buying in eur/chf cross in NY.
. Let's look at the bigger picture 1st, dlr's resumption of recent erratic rise fm 2015 Dec's 0.9786 low to as high as 1.0257 last Fri strongly suggests the correction fm 2015 4-year peak at 1.0330 (Nov) has ended there n as long as 1.0111 sup holds, bullishness remains for re-test of 1.0330 after initial consolidation, abv would yield further headway to 1.0456 n then twd 1.0563 later this month, being 50% projection of upmove fm 2015 low at 0.7360 (Jan) to 1.0129 measured fm 0.9072 n 61.8% projection of 0.9072-1.0330 measured fm 0.9786 respectively, current rising daily technical indicators lend credence to this view. On the downside, only below 0.9111 dampens bullishness n may risk weakness to 1.0053.
. Today, although Fri's retreat fm 1.0257 to 1.0220 suggests initial consolidation is in store in Asia, reckon 1.0165 sup would contain pullback n yield gain to 1.0276, reckon minor daily res at 1.0308 would cap upside. So buying on dips is favoured n only below 1.0165 risks retracement twd 1.0133, 1.0111.
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 holds below 1.0750 ahead of key US data
EUR/USD trades in a tight range below 1.0750 in the European session on Friday. The US Dollar struggles to gather strength ahead of key PCE Price Index data, the Fed's preferred gauge of inflation, and helps the pair hold its ground.
USD/JPY stays firm above 156.00 after BoJ Governor Ueda's comments
USD/JPY stays firm above 156.00 after surging above this level on the Bank of Japan's decision to leave the policy settings unchanged. BoJ Governor said weak Yen was not impacting prices but added that they will watch FX developments closely.
Gold price oscillates in a range as the focus remains glued to the US PCE Price Index
Gold price struggles to attract any meaningful buyers amid the emergence of fresh USD buying. Bets that the Fed will keep rates higher for longer amid sticky inflation help revive the USD demand.
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
US core PCE inflation set to signal firm price pressures as markets delay Federal Reserve rate cut bets
The core PCE Price Index, which excludes volatile food and energy prices, is seen as the more influential measure of inflation in terms of Fed positioning. The index is forecast to rise 0.3% on a monthly basis in March, matching February’s increase.