Daily Technical Outlook on Major -USD/CHF

AceTrader Team AceTrader

DAILY USD/CHF TECHNICAL OUTLOOK
Last Update At 27 Jul 2017 00:50GMT

Trend Daily Chart
Sideways

Daily Indicators
Bullish convergences

21 HR EMA
0.9535

55 HR EMA
0.9521

Trend Hourly Chart
Down

Hourly Indicators
Falling

13 HR RSI
40

14 HR DMI
-ve

Daily Analysis
Consolidation with downside bias

Resistance
0.9595 - Y'day's high
0.9574 - Prev. hourly sup (now res)
0.9537 - 38.2% r of 0.9595-0.9500

Support
0.9500 - Y'day's low
0.9456 - Tue's low
0.9438 - Last Fri's 38-month low

. USD/CHF - 0.9515.. Dlr went through a roller-coaster ride in Wed's trading. Although price rallied fm 0.9521 in Asia to 0.9595 due to active buying in euro/chf cross, price tumbled in post-FOMC to 0.9500 on broad-based usd decline.

. On the bigger picture, last Fri's brief break of 2016 bottom at 0.9444 to a 22-month low at 0.9438 confirms MT downtrend fm 1.0344 (2016 6-year peak in Dec) to retrace early rise fm 0.7360 (2015 low after SNB's de-pegging of eur/chf at 1.2000 in Jan) has resumed n would head twd 0.9204 (being a minimum 38.2% r of this move) in Aug, however, 'bullish convergences' on daily indicators would keep price abv 0.9072. Whilst selling dlr on recovery is favoured, profit should be taken on next decline. On the upside, only a daily close abv 0.9621 would be the signal temporary low has been made, then risk would shift to the upside for stronger corrective rise twd 0.9701 in Aug.

. Today, despite Wed's impressive cross-inspired' rally to 0.9595, intra- day selloff to 0.9500 in NY signals correction fm 0.9438 has ended n consolidation with downside bias is in store, below 0.9438 would extend marginal fall, however, 'bullish convergences' on hourly indicators would keep usd abv 0.9400.

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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