Daily Technical Outlook on Major - CHF/USD
|
Last Update At 17 Jan 2020 01:13GMT
Trend Daily Chart
Down
Daily Indicators
Falling
21 HR EMA
0.9645
55 HR EMA
0.9654
Trend Hourly Chart
Sideways
Hourly Indicators
Bullish convergences
13 HR RSI
54
14 HR DMI
+ve
Daily Analysis
Choppy consolidation to continue
Resistance
0.9736 - Mon's high
0.9713 - Tue's high
0.9666 - Tue's n last Wed's low (now res)
Support
0.9614 - Y'day's fresh 15-month low
0.9589 - 61.8% r fm 0.9188-1.0238
0.9561 - 123.6% proj. of 0.9762-0.9666 fm 0.9680
USD/CHF - 0.9648.. Although dlr recovered to 0.9649 at European open on Thur, price met renewed selling n fell to a fresh 15-month low at 0.9614 at NY open on selling in eur/chf b4 rebounding to 0.9652 in NY on upbeat US data.
On the bigger picture, dlr's early rally fm 2018 31-month trough of 0.91 88 in mid-Feb to a 2-year peak at 1.0238 in Apr this year confirms the downtrend fm 2016 6-year peak at 1.0344 has made a low there. Having said that, subsequent decline to a 15-month low at 0.9660 (Dec) last year suggests 1st leg of correct- ion fm 0.9188 has ended n as price has fallen below this level after staging a rebound to 1.0027 (Oct), downside bias remains for weakness to 0.9542, present falling daily indicators add credence to this bearish view. On the upside, only a daily close abv 0.9840 signals low has been made, then risk would shift to the upside for stronger gain twd 0.9917 in Feb/Mar.
Today, as y'day's 0.9614 low was accompanied by 'bullish convergences' on the hourly indicators, subsequent rebound to 0.9653 in Aust. today signals temp. bottom is in place n stronger retracement twd 0.9666 would be seen after consolidation, however, 0.9680 should hold. Below 0.9614 would extend to 0.9590/95.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.