Daily Technical Outlook on Major - USD/CHF

AceTrader Team AceTrader

DAILY USD/CHF TECHNICAL OUTLOOK
Last Update At 18 Jul 2019 00:43GMT

Trend Daily Chart
Down

Daily Indicators
Turning up

21 HR EMA
0.9875

55 HR EMA
0.9872

Trend Hourly Chart
Sideways

Hourly Indicators
Falling

13 HR RSI
40

14 HR DMI
-ve

Daily Analysis
Choppy consolidation to continue

Resistance
0.9951 - Last week's high (Tue)
0.9932 - Jul 05 high
0.9908 - Last Fri's n y'day's high

Support
0.9854 - Mon's n Tue's high (now sup)
0.9836 - Tue's low
0.9818 - This week's low (Mon)

USD/CHF - 0.9864.. The greenback traded narrowly in Asia on Wed following Tue's rally to 0.9893, price met renewed buying at 0.9872 in Europe n climbed to session high of 0.9908 b4 dropping to 0.9866 in NY due to falling U.S. yields.
On the bigger picture, dlr's early rally fm 2018 31-month trough of 0.91 88 in mid-Feb to a 2-year peak at 1.0238 in Apr this year confirms the 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 aforesaid rise fm 0.9188 has formed a temporary top there, having said that, dlr's rally to 0.9951 last week (Tue) indicates choppy consolidation would continue, as long as 1.0014 holds, downside bias remains. Below 0.9814 would head back twd 0.9695. On the upside, only abv 1.0014 would bring stronger retracement twd 1.0122, however, only break of this pivotal res would risk re-test of 1.0238 in Aug/Sep.
Today, despite dlr's rebound fm 0.9818 (Mon) to 0.9908 y'day, subsequent strg retreat suggests said rise has made a top n choppy trading is envisaged, below 0.9854 would risk weakness twd 0.9836 where break there would yield re-test of 0.9818. Abv 0.9908 revives bullishness for gain twd 0.9951 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.

EUR/USD hits two-day highs near 1.1820

EUR/USD picks up pace and reaches two-day tops around 1.1820 at the end of the week. The pair’s move higher comes on the back of renewed weakness in the US Dollar amid growing talk that the Fed could deliver an interest rate cut as early as March. On the docket, the flash US Consumer Sentiment improves to 57.3 in February.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold climbs further, focus is back to 45,000

Gold regains upside traction and surpasses the $4,900 mark per troy ounce at the end of the week, shifting its attention to the critical $5,000 region. The move reflects a shift in risk sentiment, driving flows back towards traditional safe haven assets and supporting the yellow metal.

Crypto Today: Bitcoin, Ethereum, XRP rebound amid risk-off, $2.6 billion liquidation wave

Bitcoin edges up above $65,000 at the time of writing on Friday, as dust from the recent macro-triggered sell-off settles. The leading altcoin, Ethereum, hovers above $1,900, but resistance at $2,000 caps the upside. Meanwhile, Ripple has recorded the largest intraday jump among the three assets, up over 10% to $1.35.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.