Weekly Technical Outlook & Trading Ideals USD/CHF: Mar 2, 2015

  WEEKLY USD/CHF TECHNICAL OUTLOOK
Last Update At   01/03/2015   23:53 GMT

Trend Daily Chart
Down

Daily Indicators
Rising

21 HR EMA
0.9519

55 HR EMA
0.9509

Trend Hourly Chart
Up

Hourly Indicators
Rising

13 HR RSI
60

14 HR DMI
+ve

Daily Analysis
Resumption of recent upmove

Resistance
0.9673 - 50% proj. of 0.8352-0.9347 fm 0.9176
0.9596 - 61.8% proj. of 0.9176-0.9535 fm 0.9374
0.9547 - Last Thur's high

Support
0.9501 - Hourly chart
0.9449 - Last Thur's low
0.9374 - Feb 20 low

. USD/CHF - 0.9545... Dlr met renewed buying right at the start of last week due to renewed cross-selling in chf, price climbed to 0.9527 Mon n despite intra-day price swings in next 2 sessions, dlr rallied fm 0.9449 to 0.9547 on Thur. Price retreated to 0.9450 on cross-buying in chf b4 rising to 0.9546 Fri.

. Looking at the bigger picture, as mentioned in recent updates, despite a free fall fm Jan's fresh 2-1/2 year peak of 1.0240 to a 40-month trough of 0.7360 after SNB dropped the 1.20 franc cap, subsequent swift bounce had left a 'spike bottom' reversal on the daily chart. Last week's rally abv previous top at 0.9535 confirms the erratic upmove fm Jan's 4-month low at 0.7360 has once again resumed n shud head to 0.9596, this is 61.8% proj. of 0.9176-0.9535 fm 0.9374, however, reckon 0.9673 (50% projection of 0.9352-0.9347 fm 0.9176) wud cap upside. Therefore, buying dlr on dips in anticipation of gain to abovementioned targets is the way to go n only below last week's 0.9374 low signals a temporary top is in place n risks stronger retracement twd 0.9374.

. Today, intra-day eur/usd's weakness suggests buying dlr again on dips is the way to go n only below 0.9449/50 sup aborts present bullishness.