Daily Technical Outlook on Major - USD/CHF

AceTrader Team AceTrader

DAILY USD/CHF TECHNICAL OUTLOOK
Last Update At 20 Jul 2018 00:48GMT

Trend Daily Chart
Sideways

Daily Indicators
Bearish divergences

21 HR EMA
0.9999

55 HR EMA
0.9999

Trend Hourly Chart
Sideways

Hourly Indicators
Falling

13 HR RSI
47

14 HR DMI
-ve

Daily Analysis
Choppy consolidation to continue

Resistance
1.0068 - Last Fri's 14-month peak
1.0044 - Y'day's high
1.0012 - 61.8% r of 1.0044-0.9959

Support
0.9959 - Y'day's low
0.9927 - Tue's low
0.9905 - Last Wed's low

. USD/CHF - 0.9995.. Despite extending upmove fm this week's low at 0.9927 (Tue) to 1.0044 at NY open, dlr erased its intra-day gains n tumbled to session lows of 0.9959 after Trump's usd-negative comments.

. Looking at bigger picture, dlr's rally fm 2018 31-month trough of 0.9188 in mid-Feb, then subsequent rally to a near 1-year high at 1.0057 in May signals early downtrend fm 2016 6-year peak at 1.0344 has made a low as this level was accompanied by 'bullish convergences' on the daily indicators. Despite dlr's re- retreat to 0.9789 in Jun n subsequent daily wild swings, last Fri's brief break of 1.0057 to a 14-month peak of 1.0068 confirms MT uptrend has resumed n price is en route to 1.0108 after consolidation, 'bearish divergences' on daily indicators should cap price at 1.0344 this month. On the downside, below 0.9962 anytime signals top is made n would risk stronger retracement twd 0.9858.

. Today, y'day's selloff 1.0044 to as low as 0.9959 in NY session suggests further choppy trading below last Fri's 14-month peak at 1.0068 would continue with downside bias but below 0.9927 (reaction low fm 1.0068) needed to bring stronger retracement to 0.9905. Only abv 1.0044 yields re-test of 1.0068.

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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