Daily technical outlook on major – USD/CHF

DAILY USD/CHF TECHNICAL OUTLOOK

Trend Daily Chart
Sideways

Daily Indicators
Turning up

21 HR EMA
0.9666

55 HR EMA
0.9722

Trend Hourly Chart
Down

Hourly Indicators
Oversold

13 HR RSI
30

14 HR DMI
-ve

Daily Analysis
Consolidation with downside bias

Resistance
0.9784 - Wed's European low (now res)
0.9752 - Y'day's European high
0.9720 - Tue's low (now res)

Support
0.9604 - Y'day's low
0.9567 - Last Wed's low
0.9525 - Hourly res (now sup)

USD/CHF - 0.9622.. Dlr met renewed selling at 0.9777 in Aust. y'day n penetrated Tue's 0.9720 bottom in Europe n later hit session lows at 0.9604 in NY on usd's broad-based weakness as well as falling U.S. Treasury 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 last year confirms the downtrend fm 2016 6-year peak at 1.0344 has made a low there. Having said that, although dlr fell fm 1.0027 (Oct) to 0.9614, then brief break of 2018 trough at 0.9188 (Feb) to a 4-1/2 year bottom at 0.9184 in Mar, subsequent rally on usd's broad- based strength due to coronavirus outbreak to 0.9903 Fri suggests low made. However, subsequent selloff to 0.9604 on Thur signals top is in place n below 0.9567/69 would head to 0.9440/50 but 0.9393 should remain intact n yield rebound later. Only abv 0.9784 indicates correction over, 0.9845, 0.9903.

Today, as y'day's break of Tue's 0.9720 low confirms decline fm Mon's 3- month 0.9903 peak has resumed and below 0.9640/50 would extend decline to 0.9600, however, as hourly oscillators' readings would be in oversold condition, reckon 0.9567 should hold. Only abv 0.9751 indicates low made n risks 0.9777/84.