Weekly Technical Outlook on Major -USD/CHF
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Last Update At 19 Mar 2018 00:03GMT
Trend Daily Chart
Sideways
Daily Indicators
Rising
21 HR EMA
0.9517
55 HR EMA
0.9498
Trend Hourly Chart
Near term up
Hourly Indicators
Bearish divergences
13 HR RSI
62
14 HR DMI
+ve
Daily Analysis
Consolidation b4 one more rise
Resistance
0.9644 - Jan 19 high
0.9583 - 50% r of 0.9978-0.9188
0.9548 - Last week's high (Fri)
Support
0.9501 - 38.2% r of 0.9425-0.9548
0.9480 - Last Wed's high (now sup)
0.9446 - Last Thur's European morning low
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USD/CHF - 0.9526..The greenback remained under pressure initially week n dropped to 0.9425 on Wed following Trump's firing of Tillerson. However, dlr later pared its losses n rallied to a 5-week high of 0.9548 in NY session on Fri.
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On the bigger picture, despite dlr's break of 2017 bottom at 0.9421(Sep) to a 31-month trough of 0.9188 in mid-Feb, subsequent rally abv Feb's 0.9470 high to 0.9535 last Fri signals the early downtrend fm 2016 6-year peak at 1.0344 has made a low as this lvl was also accompanied by 'bullish convergences' on the daily indicators. Having said that, a daily close abv 0.9583 (50% r of 0.9846- 0.9188) is needed to retain bullish prospect of stronger gain to 0.9641/44, then 0.9700. On the downside, only below 0.9425 wud indicate rise fm 0.9188 has made a temporary top instead n risk stronger retracement twds 0.9358/60 ahead of this week's FOMC rate decision.
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Today, although dlr's retreat fm 0.9548 Fri suggests recent upmove has for made a temp. high there as this lvl was accompanied by 'bearish divergences' on the hourly indicators, as long as 1.9480/86 holds, marginal gain twd 0.9483 is still envisaged but reckon 0.9400/10 should cap upside. Below 0.9480, 0.9446.
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