Daily Technical Outlook on Major - USD/CHF

AceTrader Team AceTrader

DAILY USD/CHF TECHNICAL OUTLOOK
Last Update At 19 Apr 2018 00:31GMT

Trend Daily Chart
Up

Daily Indicators
Rising

21 HR EMA
0.9677

55 HR EMA
0.9658

Trend Hourly Chart
Sideways

Hourly Indicators
Turning down

13 HR RSI
64

14 HR DMI
+ve

Daily Analysis
Consolidation b4 one more rise

Resistance
0.9766 - 50% r of 1.0344-0.9188
0.9735 - Dec 1st low (now res)
0.9699 - Y'day's 3-month high

Support
0.9650 - Prev. Apr's high (now sup)
0.9607 - Tue's Asian high
0.9578 - Mon's low

USD/CHF - 0.9686.. Despite dlr's initial gain to a fresh 3-month peak of 0.9699 in European morning on Wed, intra-day rally in eur/usd knocked price down to session lows of 0.9651 in NY b4 rebounding on rising U.S. Treasury yields.
On the bigger picture, despite dlr's break of 2017 low at 0.9421 (Sep) to a 31-month trough of 0.9188 in mid-Feb, subsequent rally abv Feb's 0.9470 high to 0.9584 in Mar signals early downtrend fm 2016 6-year peak at 1.0344 has made a low as this lvl was also accompanied by 'bullish convergences' on the daily indicators. Dlr's rally to a 2-month high at 0.9650 in Apr n then Tue's break of this res signals upmove fm 0.9188 has resumed n further gain to 0.9735 may be seen, o/bot readings on daily indicators should cap price below res at 0.9846. On the downside, a daily close below 0.9535 anytime confirms temporary top is made n would yield retracement twds 0.9433 in May.
Today, as price has risen after retreat fm 0.9699 to 0.9651, bullishness is retained for resumption of recent upmove after consolidation, 'bearish diverg- ences' on hourly indicators are likely to cap price at 0.9735. On the downside, a daily close below 0.9650 signals temp. top made n may head back to 0.9578/81.

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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