Weekly USD/CHF technical outlook
Last Update At 04 Jul 2022 00:04GMT.
Trend daily chart
Sideways
Daily Indicators
Falling
21 HR EMA
0.9594
55 HR EMA
0.9579
Trend hourly chart
Sideways
Hourly Indicators
Easing fm o/bot
13 HR RSI
47
14 HR DMI
-ve
Daily analysis
Consolidation with upside bias
Resistance
0.9689 - Jun 21 high
0.9679 - Jun 23 high
0.9641 - Last Fri's 1-week high
Support
0.9587 - Last Tue's top (now sup)
0.9548 - Last Fri's European low
0.9530 - Last Thur's low
USD/CHF - 0.9590.. Although dlr continued its recent losing streak last week due to active chf-buying n falling U.S. yields, price ratcheted lower to a 2-month trough of 0.9496 Wed n staging a strg bounce to 0.9641 in NY on Fri.
On the bigger picture, dlr's impressive rise fm Jan's near 6-year bottom at 0.8758 to 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 0.7360 low has ended n despite subsequent 1-year long monthly sideways swings, dlr's rally abv 0.9472 in Apr to a near 3-year peak of 1.0064 (May) indicates price would head twd 1.0128. Despite subsequent fall to 0.9546 in May n then rally back to 1.0052 in mid-Jun, dlr's selloff after SNB's hawkish rate hike n weakness to 0.9496 last week suggests choppy swings below 1.0064 would continue. Abv 0.9732 would head back twd 0.9847 while below 0.9496 risks 0.9400/05 b4 rebound.
Today, dlr's strg rise fm 0.9496 to 0.9641 suggests MT 3-legged fall fm May's near 3-year peak at 1.0064 has made a temp. low n intra-day retreat sig- nals 1st leg of correction over n range trading is seen b4 heading to 0.9679/ 89. Only below 0.9568 (50% r fm 0.9496) risks stronger retrace. to 0.9530/36.
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