Weekly Technical Outlook on Major - USD/CHF
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Last Update At 16 Dec 2019 00:05GMT
Trend Daily Chart
Sideways
Daily Indicators
Falling
21 HR EMA
0.9837
55 HR EMA
0.9841
Trend Hourly Chart
Sideways
Hourly Indicators
Bullish convergences
13 HR RSI
50
14 HR DMI
-ve
Daily Analysis
Choppy consolidation to continue
Resistance
0.9917 - Dec 06 high
0.9876 - Last Thur's high
0.9853 - Last Fri's hourly res
Support
0.9806 - Last Fri's low
0.9799 - Sep's low (4th)
0.9715 - Aug 26 low
USD/CHF - 0.9839.. The greenback met renewed selling at 0.9909 on Mon n dropped to 0.9834 Tue, then 0.9809 Thur on Fed's dovish hold b4 rallying to 0.9876 on US-China trade optimism. Price then fell to 0.9806 Fri b4 recovering.
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, dlr's weakness to 0.9840 in mid-Oct signals said upmove has possibly ended n Tue's break of this sup to 0.9809 y'day has retained bearishness for weakness to 0.9799, then 0.9715. Only abv 0.9961 risks 1.0000/10, 1.0022/27.
Today, as last week's fall below Oct's 1.0840 low signals decline fm 1.0027 (Oct) has resumed n further weakness to 0.9799, then 0.9780/85 would be seen, bullish convergences on hourly indicators would keep price abv 0.9750/60 n yield correction. Only abv 0.9876 indicates temp. bottom made, risks 0.9917.
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