Daily Technical Outlook on Major - USD/CHF

Trend Daily Chart
Down

Daily Indicators
Turning up

21 HR EMA
0.9892

55 HR EMA
0.9898

Trend Hourly Chart
Sideways

Hourly Indicators
Rising

13 HR RSI
55

14 HR DMI
+ve

Daily Analysis
Choppy consolidation to continue

Resistance
0.9951 - Tue's 2-1/2 week high
0.9927 - Wed's NY high
0.9910 - Hourly res

Support
0.9888 - Wed's low
0.9835 - Last Wed's low
0.9814 - Jun 27 high (now sup)

• USD/CHF - 0.9897.. Although dlr continued Wed's selloff ahead of Asian open n weakened to 0.9855 in Asia y'day, price later hit session lows of 0.9848 at NY open but then n rallied to 0.9905 on upbeat U.S. CPI n rising yields. 

• 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. Although subsequent erratic fall to 1.0002 (May), then selloff to 0.9695 in late Jun suggests said rise fm 0.9188 has made a temp. top there, having said that, dlr's subsequent rally to 0.9932 last Fri after upbeat U.S. jobs data indicates said decline has made a low n consolidation with upside bias remains for gain to 1.0014 target, a daily close abv there would encourage for further headway twd 1.0124.On the downside, below 0.9814 sug gests rebound is over n risks re-test of 0.9695.

• Today, despite resumption of recent upmove to 0.9951 on Tue, as this level was also accompanied by 'bearish divergences' on hourly indicators, subsequent drop to 0.9848 y'day signals long-awaited correction has occurred n would head to 0.9823 (61.8% r fm 0.9695). Only abv 0.9927/32 risks re-test of 0.9951.