USD/CHF - 0.9419. Although dlr met renewed selling at 0.9462 (NZ) Mon n tumbled to a 3-week low of 0.9385 shortly after NY open due to broad-based usd's weakness, price rebounded on short covering to 0.9423 after upbeat US data.

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. Despite staging an erratic rise to 2019 peak of 1.0238 in Apr, dlr's selloff fm there n then brief break of 0.9188 to a 4-1/2 year trough of 0.9184 in Mar on safe-haven chf buying signals LT downtrend has resumed. Having said that, dlr's rally to 0.9903 signals low is made, although price ratcheted lower to 0.9377 in Jun on selling in eur/chf cross, subsequent bounce to 0.9553 would bring range trading with mild upside bias, abv would head to 0.9650 but reckon 0.9783 (May's high) would hold. Below 0.9401, 0.9377.

Today, dlr's break of 0.9421 sup to 0.9385 signals re-test of Jun's near 3-month bottom at 0.9377 after consolidation, break would extend MT fall fm 0.99 03 (Mar high) to 0.9355/65, minor 'bullish convergences' on hourly indicators should keep price abv 0.9323. Only abv 0.9442 signals temp. low, 0.9470, 0.9493.

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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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