USD/CHF - 0.8960.. Although DLR moved narrowly in subdued Asia trading, price met renewed selling at 0.8971 in Europe n briefly penetrated May's 0.8931 low to 0.8927 on falling US yields in NY but then quickly rebounded to 0.8965.

On the bigger picture, DLR's impressive rise FM Jan's near 6-year bottom at 0.8758 to as high as 0.9472 on the 1st day of Apr due to rally in U.S. yields suggests erratic fall FM 1.0344 (2016 peak) to retrace LT rise FM 2015 record low at 0.7360 has possibly ended n price is en route to 0.9551 (50% r). Having said that, DLR's decline to a 3-1/2 month 0.8927 low on Wed due to broad-based usd's weakness signals up move FM 0.8758 has formed a top n further fall twd pivotal 0.8872 sup (Feb low) can't be ruled out, break, 0.8758 in Jul. On the upside, only a daily close abv 0.9053 signals low is made, then outlook would turn bullish for gain to 0.9185/95, abv needed to extend two 0.9245.

Today, as days 0.8927 low was accompanied by 'bullish convergences' on hourly indicators, subsequent rebound on safe-haven USD's buying would bring sideways swings, a daily close abv 0.8989 needed to signal temp. low is made n bring stronger retracement to 0.9010, 0.9030/40. Below 0.8927 may head two 0.8898.

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AceTrader Team

AceTrader

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