Daily Technical and Trading Outlook - USD/CHF

Trend Daily Chart
Down

Daily Indicators
Falling

21 HR EMA
0.9796

55 HR EMA
0.9822

Trend Hourly Chart
Sideways

Hourly Indicators
Bullish convergences

13 HR RSI
50

14 HR DMI
-ve

Daily Analysis
Consolidation b4 one more fall

Resistance
0.9888 - Hourly chart
0.9850 - Wed's European high
0.9825 - Y'day's high

Support
0.9759 - Y'day's 6-month low
0.9716 - 50% proj. of 0.9977-0.9759 fm 0.9825
0.9692 - 50% proj. of 1.0025-0.9759 fm 0.9825

• USD/CHF - 0.9796.. Despite rebounding to 0.9823 at European open y'day, the greenback met renewed selling there n dropped to a fresh 6-month trough at 0.9759 at NY midday b4 staging a short-covering rally to 0.9825.

• Looking at the bigger picture, dlr's euro-led selloff below 2017 low at 0.9814 (Mar) to 6-month trough of 0.9775 Wed, then 0.9759 y'day confirms MT down trend fm 2016 Dec's 6-year peak at 1.0344 has finally resumed n current falling daily technical indicators suggest price is en route to 0.9680, however, reckon 0.9550 (2016 Nov low) would contain weakness n risk has increased for a correct- ive rally to take place later this month. So trading dlr fm short side is recommended, profit should be taken on decline. On the upside, only a daily close abv 0.9988 (last week's low) would signal aforesaid downtrend has made a temporary low, then stronger retracement twd 1.0100 may ensue in the month of Jun.

• Today, as Thur's 0.9759 low was accompanied by 'bullish convergences' on hourly oscillators' readings, subsequent bounce to 0.9825 should bring consolida tion b4 prospect of a marginal fall, however, reckon 0.9720/25 would hold. A daily close abv 0.9850 would risk stronger retrace. to 0.9888, then 0.9910/11.