Daily technical outlook on major – USD/CHF
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Trend Daily Chart
Sideways
Daily Indicators
Turning up
21 HR EMA
0.9666
55 HR EMA
0.9722
Trend Hourly Chart
Down
Hourly Indicators
Oversold
13 HR RSI
30
14 HR DMI
-ve
Daily Analysis
Consolidation with downside bias
Resistance
0.9784 - Wed's European low (now res)
0.9752 - Y'day's European high
0.9720 - Tue's low (now res)
Support
0.9604 - Y'day's low
0.9567 - Last Wed's low
0.9525 - Hourly res (now sup)
USD/CHF - 0.9622.. Dlr met renewed selling at 0.9777 in Aust. y'day n penetrated Tue's 0.9720 bottom in Europe n later hit session lows at 0.9604 in NY on usd's broad-based weakness as well as falling U.S. Treasury yields.
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, although dlr fell fm 1.0027 (Oct) to 0.9614, then brief break of 2018 trough at 0.9188 (Feb) to a 4-1/2 year bottom at 0.9184 in Mar, subsequent rally on usd's broad- based strength due to coronavirus outbreak to 0.9903 Fri suggests low made. However, subsequent selloff to 0.9604 on Thur signals top is in place n below 0.9567/69 would head to 0.9440/50 but 0.9393 should remain intact n yield rebound later. Only abv 0.9784 indicates correction over, 0.9845, 0.9903.
Today, as y'day's break of Tue's 0.9720 low confirms decline fm Mon's 3- month 0.9903 peak has resumed and below 0.9640/50 would extend decline to 0.9600, however, as hourly oscillators' readings would be in oversold condition, reckon 0.9567 should hold. Only abv 0.9751 indicates low made n risks 0.9777/84.
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