Weekly Technical Outlook on Major - USD/CHF
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Last Update At 21 Oct 2019 00:05GMT
Trend Daily Chart
Sideways
Daily Indicators
Turning down
21 HR EMA
0.9867
55 HR EMA
0.9894
Trend Hourly Chart
Down
Hourly Indicators
Bullish convergences
13 HR RSI
32
14 HR DMI
-ve
Daily Analysis
Resumption of recent decline
Resistance
0.9929 - Last Thur's Asian low (now res)
0.9906 - Oct 08 low (now res)
0.9891 - Last Fri's high
Support
0.9840 - Last Fri's 6-week low
0.9826 - 50% proj. of 0.9995-0.9866 fm 0.9891
0.9799 - Sep 04 low
USD/CHF - 0.9841.. Despite extending previous week's upmove to a 2-week high of 0.9995 initially (Tue), price erased recent gain n tumbled to 0.9867 on Thur due to selling in eur/chf cross, then to a 6-week low of 0.9840 in NY Fri.
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. Despite dlr's fall to a 10- 1/2 month 0.9660 low in Aug, as this bottom was also accompanied by bullish convergences on daily indicators, subsequent erratic upmove to a 4-month high at 1.0027 early Oct suggests temporary low is made. Having said that, last week's break of 0.9906 sup signals said upmove has possibly ended n would head to 0.9799 , below would add crdence to this view n pressure price twd 0.9660 but 0.9660 should remain intact this month. Only a daily close abv 0.9906 risks 0.9945/55.
Today, dlr's close at Fri's below last week's low bode ill for price to head to 0.9799/00 target after consolidation, however, 'bullish convergences' on hourly indicators may kee price abv 0.9761 n yield a much-needed correction. Only a daily close abv 0.98491 confirms temporary low is made, risks 0.9916/20.
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