Daily Technical Outlook on Major - USD/CHF
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Last Update At 22 Jun 2018 00:10GMT
Trend Daily Chart
Up
Daily Indicators
Neutral
21 HR EMA
0.9930
55 HR EMA
0.9943
Trend Hourly Chart
near trem down
Hourly Indicators
Falling
13 HR RSI
37
14 HR DMI
-ve
Daily Analysis
Consolidation with downside bias
Resistance
1.0007 - May 18 NY high
0.9990 - Mon's high
0.9937 - Wed's low (now res)
Support
0.9897 - Y'day's low
0.9865 - 61.8% r of 0.9789-0.9990
0.9826 - Last week's low (Thu)
USD/CHF - 0.9915.. Despite dlr's initial gain to 0.9986 in Europe, price fell sharply to 0.9950 after SNB left its expansionary policy unchanged, then tumbled to session lows at 0.9897 in NY on rising eur/usd n falling U.S. yields.
. Looking at the bigger picture, dlr's rally fm 2018 31-month trough of 0.9188 in mid-Feb, then subsequent rally abv Feb's high at 0.9470 to 0.9584 in Mar signals early downtrend fm 2016 6-year peak at 1.0344 has formed a low as this level was also accompanied by 'bullish convergences' on the daily indica- tors. Having said that, despite dlr's rally to 0.9650 in early Apr n then gain to a near 1-year peak of 1.0057 in mid-May, subsequent decline to last Thur's 5-week low at 0.9789 signals temp. top is made. Having said that, dlr's rally to 0.9990 y'day suggests said correction fm 1.0057 has ended n would head twds 1.0171 (2017 Mar high). Only below 0.9826 risks re-test of 0.9789, break, 0.9725.
. Today, y'day's selloff to 0.9897 suggests recovery fm Jun's 5-week low at 0.9789 has ended at 0.9990 Mon n consolidation with downside bias is seen, 'bullish convergences' on hourly indicators wud keep price abv 0.9826 n yield rebound. Only abv 0.9950 wud indicate temp. low made, risk gain to 0.9990.
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