Weekly Technical Outlook on Major - USD/CHF
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Last Update At 18 Aug 2019 06:36GMT
Trend Daily Chart
Down
Daily Indicators
Bullish convergences
21 HR EMA
0.9786
55 HR EMA
0.9761
Trend Hourly Chart
Sideways
Hourly Indicators
Turn down
13 HR RSI
51
14 HR DMI
+ve
Daily Analysis
One more rise b4 retreat
Resistance
0.9887 - July 31 low (now res)
0.9840 - Aug 05 high
0.9815 - Aug 02 low (now res)
Support
0.9706 - Last Wed's low
0.9693 - Aug 07 low
0.9660 - Last Tue's fresh 10-1/2 month low
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USD/CHF - 0.9782.. Dollar continued its recent losing streak last week n hit a 10-1/2 month trough of 0.9660 on Tue b4 rebounding due to easing of U.S.- China trade tensions. Price later ratcheted higher to 0.9809 on Fri b4 easing.
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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, dlr's fall to 0.9695 in Jun, then a brief break there to a 10-1/2 month low of 0.9660 last week suggests correction has ended there n although subsequent bounce to 0.9809 (Fri) suggests temp. low is made, as long as 0.9840 holds, one more fall to 0.95 89 (61.8% r of 0.9188-1.0238) would be seen, 'bullish convergences' on daily oscillators should keep price abv 0.9338. Only a daily close abv 0.9840 signals temp. low is made n may bring stronger correction twd 0.9975 in late Aug/Sep.
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Today, as long as 0.9745/50 holds, upside bias remains for further gain to 0.9815/20, 'bearish divergences' on hourly indicators would cap price below 0.98 40 n yield decline. A firm break of 0.9745 indicates temp. top is made, risks weakness to 0.9723, then later twd 0.9706.
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