Weekly Technical Outlook on Major - USD/CHF
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Last Update At 23 Dec 2019 00:23GMT
Trend Daily Chart
Down
Daily Indicators
Falling
21 HR EMA
0.9814
55 HR EMA
0.9807
Trend Hourly Chart
Up
Hourly Indicators
Rising
13 HR RSI
61
14 HR DMI
+ve
Daily
Choppy consolidation to continue
ResistanceSupport
0.9917 - 06 Dec high
0.9876 - Dec 12 high
0.9832 - Fri's high
Analysis
0.9796 - Last Tue's low
0.9771 - Last Wed's low
0.9714 - Aug 26 low
USD/CHF - 0.9823.. The greenback met renewed selling at 0.9846 last Mon n fell to 0.9796 on Tue, then lower to 0.9771 Thur on soft U.S. data n falling US yields. Later, price staged short-covering strong rebound to 0.9832 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, dlr's weakness to 0.9840 in mid-Oct signals said upmove has possibly ended n Thu's fall to 0.9771 has retained bearishness for weakness to 0.9715 b4 correction occurs. Only abv 0.9961 risks stronger gain to 1.0000/10, then 1.0022/27.
Today, although dlr's rally fm Thur's low at 0.9771 suggests decline from Oct's 4-month peak at 1.0027 has made a bottom there, reckon res 0.9876 would limit upside n yield another fall twds said sup later. Only abv 0.9876 would risk stronger retracement to 0.9917/20 b4 prospect of retreat.
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