Daily Technical Outlook on Major - USDCHF

AceTrader Team AceTrader

DAILY USD/CHF TECHNICAL OUTLOOK
Last Update At 23 Oct 2018 00:24GMT

Trend Daily Chart
Sideways

Daily Indicators
Rising

21 HR EMA
0.9963

55 HR EMA
0.9959

Trend Hourly Chart
Up

Hourly Indicators
Bearish divergences

13 HR RSI
50

14 HR DMI
-ve

Daily Analysis
Consolidation b4 one more rise

Resistance
1.0068 - Jul's 14-month peak
1.0023 - 50% proj. of 0.9624-0.9956 fm 0.9857
0.9985 - Aug high (06)

Support
0.9941 - Y'day's low
0.9921 - Last Thur's low
0.9883 - Prev. hourly res (now sup)

USD/CHF - 0.9963.. Dlr rebounded fm 0.9950 (AUS) to 0.9971 in Asia y'day n despite a brief pullback to 0.9941 in Europe on selling in eur/chf cross, price climbed to a fresh 2-month top at 0.9980 on usd's strength b4 retreating.
On the bigger picture, dlr's rally fm 2018 31-month trough of 0.9188 in mid-Feb, then subsequent gain to a 14-month high at 1.0068 in Jul signals down- trend fm 2016 6-year peak at 1.0344 has made a low, however, as said 1.0068 peak was accompanied by 'bearish convergences' on the daily indicators, subsequent drop to Sep's 5-month trough at 0.9542 signals top is in place. Having said that , dlr's impressive rally fm 0.9581 to a 2-month high at 0.9980 Mon signals the correction fm 1.0068 has ended n abv 0.9985 (Aug's high) would yield re-test of 1.0068 in Nov, then twds 1.0171 later this month. On the downside, only below 0.9848 would risk stronger retracement twds 0.9700/10.
Today, y'day's gain to 0.9980 suggests upmove fm Sep's 5-month trough at 0.9542 would head to 1.0015 after consolidation, however 'bearish divergences' on hourly indicators would cap price at 1.0040/50. Only below 0.9921 indicates a temporary top made, then risk is seen for stronger retracement 0.9883 later.

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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