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.
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