Daily Technical Outlook on Major - USD/CHF

AceTrader Team AceTrader

DAILY USD/CHF TECHNICAL OUTLOOK
Last Update At 13 Jun 2019 01:09GMT

Trend Daily Chart
Down

Daily Indicators
Falling

21 HR EMA
0.9943

55 HR EMA
0.9923

Trend Hourly Chart
Near term up

Hourly Indicators
Rising

13 HR RSI
64

14 HR DMI
+ve

Daily Analysis
Choppy consolidation to continue

Resistance
1.0014 - Last Mon's high (AUS)
0.9999 - Last Mon's European n NY high
0.9961 - Last Thur's high

Support
0.9903 - Y'day's low
0.9886 - Mon's NY low
0.9855 - Last Wed's 4-1/2 month low

USD/CHF - 0.9954.. Despite initial weakness to 0.9903 in Europe due to broad-based usd's weakness, cross-selling in chf n rebound in the greenback in NY session laters ent the pair to session highs of 0.9958.
On the bigger picture, dlr's rally fm 2018 31-month trough of 0.9188 in mid-Feb to a 2-year peak at 1.0238 in Apr this year confirms downtrend fm 2016 6-year peak at 1.0344 has made a low. Having said that, subsequent erratic fall to 1.0002 (May), then last week's selloff to 0.9855 suggests said rise fm 0.9188 has made a top there n n current falling daily indicators would pressure price twd 0.9837 (38.2% r fm 0.9188), however, reckon 0.9716 (2019 low in Jan) should remain intact due to o/sold readings on the daily indicators. Only a weekly close abv 1.0009 signals 1st leg of correction is over n may risk stronger retracement twd 1.0098 b4 prospect of another fall.
Today, dlr's erratic rise fm 0.9860 (Fri) to 0.9958 y'day suggests further choppy trading abv Jun's 0.9855 low would continue, a daily close abv 0.9961 (reaction high) needed to bring stronger retracement twd 0.9999, o/bot readings on hourly indicators should cap usd at 1.0014. Below 0.9903 may head twd 0.9855.

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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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