Daily Technical & Trading Outlook USD/CHF: Oct 13, 2015

   DAILY USD/CHF TECHNICAL OUTLOOK
Last Update At 12 Oct 2015 23:41GMT

Trend Daily Chart
Sideways

Daily Indicators
Falling

21 HR EMA
0.9619

55 HR EMA
0.9631

Trend Hourly Chart
Sideways

Hourly Indicators
Rising

13 HR RSI
56

14 HR DMI
+ve

Daily Analysis
Consolidation b4 one more fall

Resistance
0.9730 - Lst Thur's NY high
0.9684 - Hourly chart
0.9645 - Oct 02 low (now res)

Support
0.9587 - Last Fri's low
0.9528 - Sep's low (18)
0.9481 - 61.8% r of 0.9257-0.9844

. USD/CHF - 0.9615... Despite a brief spike down to session low at 0.9596 in European morning, the greenback pared its losses n rose to session high at 0.9630 in NY afternoon on dlr's broad-based firmness.

. Looking at the bigger picture, last week's firm breach of 0.9645 (post-NFP low) confirms early upmove fm Aug's 0.9257 trough has made a top at 0.9844 in Sep n consolidation with downside bias remains for further weakness to 0.9550, then 0.9481, being 50% & 61.8% r respectively of aforesaid rise fm 0.9257 to 0.9844), however, only below pivotal sup at 0.9384 would suggest correction is over n yield re-test of 0.9257 later this month. Therefore, selling dlr on recovery in anticipation of decline to indicated downside targets is recommended n only abv 0.9743 indicates pullback fm 0.9844 is over, then risk is seen for another rise to 0.9795 n re-test of 0.9844.

. Today, although y'day's rebound suggests initial choppy trading abv last Fri's low at 0.9587 wud continue n marginal gain is likely, 0.9645 shud hold n yield another fall. Hence, we are selling on recovery for 0.9555 n wud look to exit on next decline as sup 0.9528 wud remain intact today.