Daily Technical Outlook on Major - CHF/USD

AceTrader Team AceTrader

DAILY USD/CHF TECHNICAL OUTLOOK

Last Update At 17 Jan 2020 01:13GMT

Trend Daily Chart
Down

Daily Indicators
Falling

21 HR EMA
0.9645

55 HR EMA
0.9654

Trend Hourly Chart
Sideways

Hourly Indicators
Bullish convergences

13 HR RSI
54

14 HR DMI
+ve

Daily Analysis
Choppy consolidation to continue

Resistance
0.9736 - Mon's high
0.9713 - Tue's high
0.9666 - Tue's n last Wed's low (now res)

Support
0.9614 - Y'day's fresh 15-month low
0.9589 - 61.8% r fm 0.9188-1.0238
0.9561 - 123.6% proj. of 0.9762-0.9666 fm 0.9680

USD/CHF - 0.9648.. Although dlr recovered to 0.9649 at European open on Thur, price met renewed selling n fell to a fresh 15-month low at 0.9614 at NY open on selling in eur/chf b4 rebounding to 0.9652 in NY on upbeat US data.

On the bigger picture, dlr's early rally fm 2018 31-month trough of 0.91 88 in mid-Feb to a 2-year peak at 1.0238 in Apr this year confirms the downtrend fm 2016 6-year peak at 1.0344 has made a low there. Having said that, subsequent decline to a 15-month low at 0.9660 (Dec) last year suggests 1st leg of correct- ion fm 0.9188 has ended n as price has fallen below this level after staging a rebound to 1.0027 (Oct), downside bias remains for weakness to 0.9542, present falling daily indicators add credence to this bearish view. On the upside, only a daily close abv 0.9840 signals low has been made, then risk would shift to the upside for stronger gain twd 0.9917 in Feb/Mar.

Today, as y'day's 0.9614 low was accompanied by 'bullish convergences' on the hourly indicators, subsequent rebound to 0.9653 in Aust. today signals temp. bottom is in place n stronger retracement twd 0.9666 would be seen after consolidation, however, 0.9680 should hold. Below 0.9614 would extend to 0.9590/95.

Author

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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