Daily Technical Outlook on Major - USD/CHF
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Last Update At 06 Dec 2019 00:05GMT
Trend Daily Chart
Sideways
Daily Indicators
Turning down
21 HR EMA
0.9878
55 HR EMA
0.9882
Trend Hourly Chart
Sideways
Hourly Indicators
Turning up
13 HR RSI
42
14 HR DMI
-ve
Daily Analysis
Consolidation b4 one more fall
Resistance
0.9961 - Last Mon's low (now res)
0.9926 - Tue's high
0.9912 - Mon's low (now res)
Support
0.9856 - Wed's low
0.9840 - Oct's low (18th)
0.9799 - Sep's low (4th)
USD/CHF - 0.9873.. Dlr moved broadly sideways in directionless Thur's session as market focus was on euro and sterling. Price retreated to 0.9874 in Asia, then rebounded to 0.9895 in Europe on buying in eur/chf cross b4 easing.
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. Despite dlr's fall to a 10- 1/2 month 0.9660 low in Aug, as this bottom was also accompanied by bullish convergences on daily indicators, subsequent erratic upmove to a 4-month high at 1.0027 early Oct suggests temporary low is made. Having said that, dlr's weak- ness to 0.9840 in mid-Oct signals said upmove has possibly ended, however, dlr's selloff fm 1.0022 last Fri n then break of 0.9869 has retained bearishness for re-test of 0.9840, break 0.9799. Only abv 0.9961 risks 1.0000/10, 1.0022/27.
Today, although dlr's rebound fm 0.9856 to 0.9899 on Wed suggests recent decline fm last Fri's 1.0022 peak has made a temporary low, as long as said top holds, consolidation with downside bias remains for re-test of Oct's 0.9840 bot- tom, break would extend twd 0.9799. Only abv 0.9926 risks retrace. to 0.9954/59.
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