Daily Technical Outlook on Major - USD/CHF
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Last Update At 18 Jul 2019 00:43GMT
Trend Daily Chart
Down
Daily Indicators
Turning up
21 HR EMA
0.9875
55 HR EMA
0.9872
Trend Hourly Chart
Sideways
Hourly Indicators
Falling
13 HR RSI
40
14 HR DMI
-ve
Daily Analysis
Choppy consolidation to continue
Resistance
0.9951 - Last week's high (Tue)
0.9932 - Jul 05 high
0.9908 - Last Fri's n y'day's high
Support
0.9854 - Mon's n Tue's high (now sup)
0.9836 - Tue's low
0.9818 - This week's low (Mon)
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USD/CHF - 0.9864.. The greenback traded narrowly in Asia on Wed following Tue's rally to 0.9893, price met renewed buying at 0.9872 in Europe n climbed to session high of 0.9908 b4 dropping to 0.9866 in NY due to falling U.S. yields.
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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. Although subsequent erratic fall to 1.0002 (May), then selloff to 0.9695 in late Jun suggests aforesaid rise fm 0.9188 has formed a temporary top there, having said that, dlr's rally to 0.9951 last week (Tue) indicates choppy consolidation would continue, as long as 1.0014 holds, downside bias remains. Below 0.9814 would head back twd 0.9695. On the upside, only abv 1.0014 would bring stronger retracement twd 1.0122, however, only break of this pivotal res would risk re-test of 1.0238 in Aug/Sep.
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Today, despite dlr's rebound fm 0.9818 (Mon) to 0.9908 y'day, subsequent strg retreat suggests said rise has made a top n choppy trading is envisaged, below 0.9854 would risk weakness twd 0.9836 where break there would yield re-test of 0.9818. Abv 0.9908 revives bullishness for gain twd 0.9951 later.
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