WEEKLY USD/CHF TECHNICAL OUTLOOKLast Update At 08 Sep 2014 00:14GMT
Trend Daily Chart
Up
Daily Indicators
Rising
21 HR EMA
0.9309
55 HR EMA
0.9281
Trend Hourly Chart
Up
Hourly Indicators
Turning down
13 HR RSI
60
14 HR DMI
+ve
Daily Analysis
Consolidation b4 one more rise
Resistance
0.9406 - 1.618 ext. of 0.8698-0.9037 fm 0.8857
0.9371 - Sep 11 high (2013)
0.9336 - Last Fri's near 1-year high
Support
0.9287 - Last Fri's low
0.9256 - 50% r of 0.9176-0.936
0.9212 - Tue's high
. USD/CHF - 0.9312 .. Despite moving in a narrow range of 0.9176-0.9212 in the 1st 3 days of last week, Thur's sharp sell off in eur/usd propelled the green back to a near 1-year peak of 0.9329, price climbed marginally to 0.936 in Aust. on Fri b4 coming off to 0.9287 after U.S. payrolls shrank to 142k.
. Let's look at the bigger picture 1st, dlr's aforesaid rise to 0.9336 confirms the 3-legged MT uptrend fm Mar's 2-1/2 year low at 0.8698 remains in force n further gain to 0.9403 is on the cards, this is 1.618 times extension of 0.8698-0.9037 measured fm 0.8857. Having said that, as hourly indicators wud display 'bearish divergences' on such a move, reckon 0.9485 wud hold this week, this is the 'dynamic' 61.8% r of the MT decline fm 2012 peak at 0.9972 (Jul) to 0.8698. On the downside, only a break of 0.9212 (last Tue's high, now sup) wud be the 1st signal a temporary top is made n risk retracement twd 0.9176, however, reckon sup at 0.9126 wud contain weakness.
. Today, as dlr has staged a rebound fm U.S. post-NFP low at 0.9287, consolidation with upside bias is envisaged, abv 0.9336 wud extend marginal gain but upside wud falter below 0.9386. Only below 0.9255/56 aborts n risks 0.9212.
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