USD/CHF - 0.9294.. The pair continued its recent winning streak n climbed fm 0.9188 (Asia) to 0.9253 in Europe, then rallied to a 7-month peak of 0.9297 on broad-based usd's gain following Fed Powell's rate comments.

On the bigger picture, despite dlr's rally fm Sep's bottom at 0.8999 to 0.9296 in late Sep, subsequent erratic fall to 0.9031 n Nov's brief break of 0.8999 to a fresh 5-1/2 year 0.8983 low due to usd's broad-based weakness sig- nals LT downtrend fm 2016 peak at 1.0344 has once again resumed. Although dlr tumbled to a near 6-year bottom at 0.8758 initially in Jan 2021, as this level was also accompanied by 'bullish convergences' on daily indicators, subsequent rebound to 0.9046 in early Feb suggests temp. low is made. Despite a retreat to 0.8872, last week's rally to 0.9102 (Fri), then 0.9297 Thur would extend MT rise to 0.9377, o/bot readings on daily indicators would cap dlr at 0.9467.

Today, as dlr has maintained a firm undertone, suggesting recent uptrend would head to 0.9344, as hourly oscillators readings are in o/bot territory, rec kon 0.9377 should cap upside. On the downside, only below 0.9230/35 signals temporary top is made n may risk stronger retracement to 0.9200/05.

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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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