Daily Technical Outlook on Major - USD/CHF

AceTrader Team AceTrader

DAILY USD/CHF TECHNICAL OUTLOOK
Last Update At 13 Dec 2019 01:28GMT

Trend Daily Chart
Sideways

Daily Indicators
Falling

21 HR EMA
0.9846

55 HR EMA
0.9847

Trend Hourly Chart
Sideways

Hourly Indicators
Rising

13 HR RSI
55

14 HR DMI
-ve

Daily Analysis
Choppy consolidation to continue

Resistance
0.9941 - 61.8% fm 1.0022-0.9809
0.9917 - Last Fri's high
0.9876 - Y'day's high

Support
0.9809 - Y'day's low
0.9799 - Sep's low (4th)
0.9715 - Aug 26 low

USD/CHF - 0.9850.. Although dlr briefly fell to a 3-month low at 0.9809 in NY morning after SNB kept interest rates unchanged, price found renewed buying n rose to session highs of 0.9876 in NY on positive US-China trade news.

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 there. Despite dlr's fall to a 10- 1/2 month 0.9660 low in Aug, as this bottom was also accompanied by bullish convergences on daily indicators, subsequent erratic upmove to a 4-month high at 1.0027 early Oct suggests temporary low is made. Having said that, dlr's weakness to 0.9840 in mid-Oct signals said upmove has possibly ended n Tue's break of this sup to 0.9809 y'day has retained bearishness for weakness to 0.9799, then 0.9715. Only abv 0.9961 risks 1.0000/10, 1.0022/27.

Today, despite dlr's resumption of decline fm 1.0027 (Oct) to 0.9809 on Thur, as this lvl was accompanied with bullish convergences on hourly indicators n subsequent rebound suggests a temp. low is made n retrace. to 0.9917 would be seen. Only below 0.9809 would revive bearishness for weakness to 0.9768.

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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