Daily Technical Outlook on Major – USD/CHF
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Last Update At 27 Feb 2020 00:42GMT
Trend Daily Chart
Sideways
Daily Indicators
Rising
21 HR EMA
0.9762
55 HR EMA
0.9770
Trend Hourly Chart
Sideways
Hourly Indicators
Bullish convergences
13 HR RSI
42
14 HR DMI
-ve
Daily Analysis
Choppy consolidation to continue
Resistance
0.9826 - Last Fri's NY high
0.9804 - Tue's high
0.9778 - Y'day's high
Support
0.9730 - Y'day's low
0.9704 - Feb 04 high (now sup)
0.9679 - Feb 05 low
USD/CHF - 0.9750.. Although dlr rebounded fm 0.9753 to 0.9776 in Asia y'day, price then dropped to a 20-day low at 0.9730 in Europe on buying in eur/usd. Later, the pair rallied to 0.9778 in NY on rising US equities.
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 last year confirms the downtrend fm 2016 6-year peak at 1.0344 has made a low there. Having said that, subsequent decline to 0.9660 (Aug) last year suggests 1st leg of correction fm 0.9188 has ended. Despite early fall to a fresh 15-month 0.9614 bottom in mid-Jan after stag ing a rebound to 0.9767, dlr's retreat to 0.9630 n the last week's rally to as high as 0.9848 (Thur) signals choppy trading abv 0.9614 would continue n stronger retracement of said decline twd 0.9917 would b4 seen. On the downside, only below 0.9703/04 signals correction is over n risks re-test of 0.9614 in Mar.
Today, as y'day's 0.9730 low was accompanied by 'bullish convergences' on the hourly indicators, subsequent bounce to 0.9778 suggests near term fall fm last Thur's 0.9848 high has made a temporary bottom n stronger retracement to 0.9800/04 would be seen but 0.9826 should hold. Below 0.9730 risks 0.9704.
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