Daily Technical Outlook & Trading USD/CHF: Apr 17, 2015

  DAILY USD/CHF TECHNICAL OUTLOOK
Last Update At 17 Apr 2015  00:49GMT

Trend Daily Chart
Sideways

Daily Indicators  
Neutral

21 HR EMA
0.9596

55 HR EMA
0.9651

Trend Hourly Chart
Near term down

Hourly Indicators
Falling

13 HR RSI
31

14 HR DMI
-ve

Daily Analysis
Consolidation with downside bias

Resistance
0.9771 - Tue's high
0.9714 - Y'day's high (Reuters)
0.9673 - Tue's low (now res)

Support
0.9540 - Y'day's low
0.9501 - Apr 06 low
0.9480 - Apr's low (03)

. USD/CHF - 0.9551... Despite an initial fall to 0.9606 at Asian open Thur, price quickly rebounded n rallied to intra-day high at 0.9714 in Europe due to renewed eur/usd's weakness. Dlr tumbled on renewed selling n later tumbled to session lows of 0.9540 in NY afternoon due to broad-based weakness in the usd.

. Looking at the hourly n daily charts, y'day's sharp retreat strongly suggests early corrective upmove fm Apr's low at 0.9480 has ended at 0.9863 on Mon n downside bias remains for further loss to 0.9501 next. On the downside, a daily close below 0.9480 wud extend decline fm Mar's peak at 1.0129 to 0.9450 n then 0.9374 (being 38.2% r of intermediate rise fm 0.8352-1.0129 n chart sup respectively). On the upside, abv 0.9771 wud be the 1st signal aforesaid decline fm 0.9863 has ended, then gain twd there wud be seen next week.

. Today, as dlr has remained under pressure partly due to renewed weakness in the eur/chf cross n with current spot price below the 21-hr & 55-hr emas, selling the greenback in anticipation of resumption of this week's erratic fall fm 0.9863 is favoured, however, reckon 0.9480 sup wud hold on 1st testing. Failure to penetrate 0.9480 n a rise abv 0.9714 wud risk gain twd 0.9771.