Daily Technical Outlook on Major - USD/CHF

AceTrader Team AceTrader

DAILY USD/CHF TECHNICAL OUTLOOK

Last Update At 23 Jan 2020 01:31GMT

Trend Daily Chart
Sideways

Daily Indicators
Bullish convergences

21 HR EMA
0.9688

55 HR EMA
0.9687

Trend Hourly Chart
Sideways

Hourly Indicators
Falling

13 HR RSI
41

14 HR DMI
-ve

Daily Analysis
Consolidation with upside bias

Resistance
0.9818 - Dec 26 high
0.9762 - Jan's high (Jan 10)
0.9728 - Y'day's high

Support
0.9662 - Tue's low
0.9631 - Last Wed's low
0.9614 - Last Thur's fresh 15-month low

USD/CHF - 0.9682.. Although dlr traded with a firm bias in Asia y'day n then jumped to session highs at 0.9728 at European open on possible SNB intervension, price fell to 0.9674 ahead of Asian open today on selling in eur/chf.

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 last year confirms the downtrend fm 2016 6-year peak at 1.0344 has made a low there. Having said that, subsequent decline to 0.9660 (Aug) last year suggests 1st leg of correction fm 0.9188 has ended n as price has fallen to a fresh 15-month 0.9614 bottom last Thur after staging a rebound to 1.0027 (Oct), downside bias remains for weakness to 0.9542 n subsequent recovery would bring range trading b4 prospect of another fall. On the upside, only a daily close abv 0.9762/71 signals low has been made, then risk would shift to the upside for stronger gain to 0.9830/40 in Feb/Mar.

Today, dlr's retreat fm y'day's 0.9728 high suggests 1st leg of correction fm last Thur's 0.9614 bottom has ended, as long as 0.9662 holds, upside bias remains for another rise twd 0.9762, break would extend gain to 0.9796/00, then 0.9818. Only below 0.9631 would risk re-test of 0.9614 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.

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