Daily Technical Outlook on Major - USD/CHF

Trend Daily Chart
Sideways

Daily Indicators
Rising fm o/s

21 HR EMA
0.9308

55 HR EMA
0.9334

Trend Hourly Chart
Down

Hourly Indicators
Falling

13 HR RSI
37

14 HR DMI
-ve

Daily Analysis
Consolidation with downside bias

Resistance
0.9409 - Last Fri's high
0.9375 - Y'day's high
0.9326 - Hourly chart

Support
0.9271 - Intra-day low
0.9256 - Feb's 2-year low (1st)
0.9204 - 38.2% r of 0.7360-1.0344

• USD/CHF - 0.9283.. Despite initial weakness to 0.9307 in Asia on Wed, price erased intra-day losses n rallied to session highs of 0.9375 in NY after strg U.S. CPI data before tumbling to 0.9286 on renewed selling in the dlr.

• On the bigger picture 1st, despite dlr's impressive rally fm 2017 2-year low bottom at 0.9421 to as high as 1.0038 (Oct), subsequent selloff to 0.9700 at the start of Jan, then last week's fall to a fresh 2-year trough of 0.9256 con- firms the downtrend fm 2016 6-year peak at 1.0344 has finally resumed n would pressure price to head twds 0.9204 (38.2% r of 0.7360-1.0344). Having said that, last week's stronger-than-expected rise to 0.9470 on Thur confirms temporary low has been made n gain to 0.9502 is likely but reckon 0.9567 would cap upside (38.2% r n 50% r respectively of 0.9846-0.9290). Having said that, y'day's fall to 0.9286 suggests correction fm 0.9256 has ended n price would head to 0.9204 , being a min. 38% r of LT rise fm 0.7360-1.0344 n only abv 0.9409 risks 0.9470.

• Today, as current price is trading below 21-hr n 55-hr emas, suggesting downside bias remains for re-test of 0.9256, o/sold readings on the hourly indicators would limit weakness to 0.9200/05 n 0.9175 should hold.