Daily Technical Outlook on Major -USD/CHF

AceTrader Team AceTrader

DAILY USD/CHF TECHNICAL OUTLOOK
Last Update At 22 Nov 2017 00:01GMT

Trend Daily Chart
Sideways

Daily Indicators
Turning down

21 HR EMA
0.9918

55 HR EMA
0.9918

Trend Hourly Chart
Sideways

Hourly Indicators
Falling

13 HR RSI
41

14 HR DMI
-ve

Daily Analysis
Consolidation b4 one more rise

Resistance
1.0038 - Oct's 5-month high (27th)
0.9987 - Last week's high (Mon)
0.9947 - Yday's high

Support
0.9878 - last Fri's low
0.9847 - Last week's low (Wed)
0.9802 - 38.2% r of 0.9421-1.0038

. USD/CHF - 0.9912.. Dlr moved narrowly in Asia y'day n briefly rose to session highs of 0.9947 ahead of NY open on renewed euro's weakness b4 erasing intra-day gain n weakened to 0.9899 in NY partly on selling in eur/chf cross.

. On the bigger picture 1st, despite dlr's resumption of its downtrend fm 2016 6-year peak at 1.0344 (Dec) to a fresh 2-year trough of 0.9421 in Sep, subsequent rally abv Aug's 0.9773 high to a 4-month peak at 0.9837 in early Oct n then rise to a fresh 5-month peak at 1.0038 in Oct confirms aforesaid fall fm 1.0344 has made a low there. However, last week's fall to 0.9847 signals said upmove fm 0.9421 has at least made a temporary top n consolidation with downside bias remains for weakness to 0.9802 (38.2% fm 0.9421), a daily close below there needed to extend decline twds 0.9729 (50% r). On the upside, only abv 0.9987 suggests pullback is over n yields gain twds 1.0038.

. Today, although dlr's intra-day retreat fm 0.9947 to 0.9899 on Tue suggests near tern rise fm last week's 0.9847 low to retrace early fall fm 1.0038 has made a top n consolidation is seen, as long as 0.9876/79 sup hold, gain to 0.9965 (61.8% r) is likely n only below said sup risks re-test of 0.9847.

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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