Daily Technical Outlook on Major - USD/CHF

Trend Daily Chart
Down

Daily Indicators
Rising

21 HR EMA
0.9927

55 HR EMA
0.9916

Trend Hourly Chart
Sideways

Hourly Indicators
Turning up

13 HR RSI
72

14 HR DMI
+ve

Daily Analysis
Choppy consolidation to continue

Resistance
1.0060 - 100% proj. of 0.9695-0.9951 fm 0.9804
1.0014 - Jun 19 high
0.9974 - Intra-day fresh 1-month high

Support
0.9934 - Intra-day low (AUS)
0.9887 - Y'day's low
0.9874 - Last Wed's high (now sup)

• USD/CHF - 0.9969.. The greenback moved narrowly in quiet Asian n European sessions on Wed ahead of FOMC n sterling continued to take centre stage. Price briefly fell to 0.9887 in NY morning b4 jumping to 0.9949 in post-FOMC trading.

• 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 0.9804 holds, upside bias remains for gain to 1.0031 (61.8% r fm 1.0238), abv there sig- nals correction over n may head to 1.0098, then 1.0124 later this month. On the downside, nly below 0.9804 aborts bullish scenario n risks weakness twd 0.9695.

• Today, Wed's rally to 0.9949, then intra-day break abv Jul's 0.9951 peak confirms the 3-legged rise fm 0.9695 (Jun) has finally resumed n price is en route twd 1.0014 (Jun high), o/bot readings on hourly indicators would cap dlr at 1.0031 (61.% r of 1.0238-0.9695). Only below 0.9934 risks retrace. twd 0.9887.