Daily Technical and Trading Outlook -USD/CHF

AceTrader Team AceTrader

DAILY USD/CHF TECHNICAL OUTLOOK
Last Update At 26 May 2017 00:05GMT

Trend Daily Chart
Down

Daily Indicators
Falling

21 HR EMA
0.9728

55 HR EMA
0.9735

Trend Hourly Chart
Sideways

Hourly Indicators
Turning up

13 HR RSI
53

14 HR DMI
-ve

Daily Analysis
Choppy consolidation to continue

Resistance
0.9825 - Last Thur's high
0.9805 - Last Fri's high
0.9777 - Wed's high

Support
0.9692 - Mon's fresh 6-month low
0.9640 - 2016 Sep's low (29th)
0.9593 - 2016 Aug 23 low

. USD/CHF - 0.9732.. Although dlr remained under pressure in Asia y'day following early selloff on Wed, price hit session lows of 0.9701 in Europe b4 staging a quick bounce to 0.9736 n later moved narrowly in subdued NY session.

. On the daily chart, dlr's 'euro-led' selloff below 2017 low at 0.9814 (Mar) to 6-month trough of 0.9692 y'day confirms MT downtrend fm 2016 Dec's 6- year peak at 1.0344 has finally resumed, current falling daily technical indicators suggest price is en route to 0.9680 1st, however, reckon 0.9550 (2016 Nov low) would contain weakness n risk has increased for a corrective 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 0.9919 (last week's high) signals aforesaid downtrend has made a temporary low, then stronger retracement twd 1.0019 may ensue in the month of Jun but 1.0108 should hold.

. Today, although dlr's retreat fm Wed's high at 0.9777 signals correction fm Mon's low at 0.9692 has ended there, subsequent rebound would bring sideways trading b4 prospect of one more fall, as hourly indicators would display 'bullish convergences on next decline, 0.9640 would hold. Abv 0.9777 risks 0.9815/25.

Author

AceTrader Team

AceTrader

Led by world-renowned technical analyst Wilson Leung, we have a team of 7 analysts monitoring the market and updating our recommendations and commentaries 24 hours a day.

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