Daily technical and trading outlook - USD/CHF
|DAILY USD/CHF TECHNICAL OUTLOOK
Trend Daily Chart
Down
Daily Indicators
Bullish convergences
21 HR EMA
0.9202
55 HR EMA
0.9221
Trend Hourly Chart
Sideways
Hourly Indicators
Turning up
13 HR RSI
46
14 HR DMI
-ve
Daily Analysis
Resumption of recent decline
Resistance
0.9287 - Last Thur's NY high
0.9260 - Last Fri's European high
0.9229 - Y'day's high
Support
0.9167 - Y'day's 4-1/2 year low
0.9128 - 100% proj. of 0.9802-0.9377 fm 0.9553
0.9072 - May 07 2015 low
USD/CHF - 0.9199.. Although dlr continued its recent losing streak n tumbled to a 4-1/2 year low at 0.9167 in Asia y'day, price staged a strg rebound to 0.9229 at NY open on buying in eur/chf cross b4 retreating to 0.9187.
On the bigger picture, dlr's rally fm 2018 31-month trough of 0.9188 to a 2-year peak at 1.0238 in Apr (2019) confirms downtrend fm 2016 6-year peak at 1.0344 has made a low there. Despite staging an erratic rise to 2019 peak of 1.0238 in Apr, dlr's selloff fm there n then brief break of 0.9188 to a 4-1/2 year trough of 0.9184 in Mar on safe-haven chf buying signals LT downtrend has resumed. Despite staging an impressive short-covering rally to 0.9903 in Mar, subsequent erratic fall n Mon's break of 0.9184 would extend aforesaid downtrend twd 0.9092 in Aug, being 100% proj. of 1.0344-0.9188 measured fm 1.0238. Only a daily close abv 0.9267 would signal low made, risks 0.9350/60, then 0.9467.
Today, although dlr has rebounded after y'day's resumption of MT decline to 0.9167, as 0.9229 has capped recovery, consolidation with downside bias is seen, anticipated bullish convergences on the hourly indicators should keep price abv 0.9128. Abv 0.9260/65 would risk stronger retrace. to 0.9300/03.
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