Daily Technical Outlook on Major - USD/CHF
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Last Update At 14 Jan 2020 02:08GMT
Trend Daily Chart
Sideways
Daily Indicators
Turning up
21 HR EMA
0.9713
55 HR EMA
0.9721
Trend Hourly Chart
Near term down
Hourly Indicators
Rising fm o/sold
13 HR RSI
35
14 HR DMI
-ve
Daily Analysis
Choppy consolidation to continue
ResistanceSupport
0.9762 - Last week's high (Fri)
0.9736 - Y'day's high
0.9721 - Fri's low (now res)
0.9693 - Last Wed's NY low
0.9666 - Last week's low (Wed)
0.9647 - 2019 15-month low (Dec 31)
USD/CHF - 0.9710.. Dlr met renewed selling at 0.9736 ahead of Asian open y'day n retreated 0.9726 in Asia, the pair then ratcheted lower to session lows of 0.9695 in NY on active selling in eur/chf cross b4 moving sideways.
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 correction 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, despite dlr's rebound fm Dec's fresh 15-month low at 0.9647 to 0.9762 Fri, y'day's cross-inspired retreat suggests correction has possibly ended, below 0.9691/93 wud add credence to this view n yield 0.9666, break wud bring re-test of 0.9647. Only abv 0.9736 signals pullback over, 0.9757/62.
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