USD/CHF - 0.9602.. Although dlr moved sideways in Asia y'day n then fell to a near 2-month 0.9580 low in Europe on usd's weakness, price rebounded to 0.9624 in NY on buying in eur/chf cross b4 swinging sideways in NY afternoon.

On the bigger picture, dlr's rally fm 2018 31-month trough of 0.9188 to a 2-year peak at 1.0238 in Apr (2019) confirms downtrend fm 2016 6-year peak at 1.0344 has made a low there. Having said that, despite fall fm 1.0027 (Oct) to 0.9614, then brief break of 2018 low at 0.9188 (Feb) to a 4-1/2 year bottom at 0.9184 in Mar, subsequent rally to 0.9903 on safe-haven usd buying suggests low is made. Dlr's decline to 0.9503, then erratic rise to 0.9802 in Apr but weakness to 0.9580 Mon suggests choppy trading below 0.9903 would continue n further weakness twd 0.9503 would be seen after consolidation. A daily close abv 0.9675 indicates low made n risks 0.9735, then 0.9783 but 0.9802 should hold.

Today, as y'day's break of May's 0.9590 low confirms decline fm 0.9802 has once again resumed n weakness to 0.9560, however, 'bullish convergences' on hourly indicators should keep price well abv daily sup at 0.9503. On the upside, only abv 0.9650 signals temp. low is made, risks 0.9675 but 0.9700 should hold.

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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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