WEEKLY USD/CHF TECHNICAL OUTLOOK
Last Update At 01 Nov 2015 23:34GMT
Trend Daily Chart
Up
Daily Indicators
Rising
21 HR EMA
0.9878
55 HR EMA
0.9882
Trend Hourly Chart
Sideways
Hourly Indicators
Neutral
13 HR RSI
45
14 HR DMI
-ve
Daily Analysis
Choppy trading to continue
Resistance
0.9958 - Last Wed's 7-month high
0.9933 - Prev. hourly sup (now res)
0.9910 - Last Fri's high
Support
0.9846 - Last Fri's low
0.9821 - Last Fri's low
0.9774 - 38.2% r of 0.9477-0.9858
. USD/CHF - 0.9868... Dlr continued its recent winning streak last week n rallied abv Aug's high of 0.9903 to 0.9958 on Wed after Fed's hawkish statement, however, profit-taking sent price lower n price later fell to 0.9846 in NY Fri.
. On the bigger picture, dlr's rally abv Aug's 0.9903 high to a 7-month peak of 0.9958 Wed confirms the early erratic rise fm May's trough at 0.9072 has finally resumed n price is now en route to psychological target at 1.0000 n then twd 1.0129 (Mar high) in later part of Nov. Therefore, in view of abv bullish analysis, buying dlr on dips for a resumption of upmove to said upside targets is the way to go. Having said that, as 0.9958 high was accompanied by 'bearish divergences' on the hourly indicators, subsequent fall to 0.9846 Fri signals a temporary top is made n a few days of consolidation is in store with downside bias, however, reckon 0.9774 (38.2% r of 0.9477-0.9958) would contain pullback n yield resumption of upmove later this week.
. Today, dlr's minor rebound fm 0.9846 suggests 1st leg of correction fm 0.9958 has ended n consolidation with upside bias is seen, however, abv 0.9958 needed to extend to 0.9980/90 n only below 0.9806/21 dampens bullishness.
Trendsetter does not warrant or guarantee the accuracy, timeliness or completeness to its service or information contained therein. Trendsetter does not give, whatsoever, warranties, expressed or implied, to the results to be obtained by using its services or information it provided. Users are trading on their own risk and Trendsetter shall not be responsible under any circumstances for the consequences of such activities. Trendsetter and its affiliates, in no event, be liable to users or any third parties for any consequential damages, however arising, including but not limited to damages caused by negligence whether such damages were foreseen or unforeseen.
Recommended Content
Editors’ Picks
EUR/USD clings to gains above 1.0750 after US data
EUR/USD manages to hold in positive territory above 1.0750 despite retreating from the fresh multi-week high it set above 1.0800 earlier in the day. The US Dollar struggles to find demand following the weaker-than-expected NFP data.
GBP/USD declines below 1.2550 following NFP-inspired upsurge
GBP/USD struggles to preserve its bullish momentum and trades below 1.2550 in the American session. Earlier in the day, the disappointing April jobs report from the US triggered a USD selloff and allowed the pair to reach multi-week highs above 1.2600.
Gold struggles to hold above $2,300 despite falling US yields
Gold stays on the back foot below $2,300 in the American session on Friday. The benchmark 10-year US Treasury bond yield stays in negative territory below 4.6% after weak US data but the improving risk mood doesn't allow XAU/USD to gain traction.
Bitcoin Weekly Forecast: Should you buy BTC here? Premium
Bitcoin (BTC) price shows signs of a potential reversal but lacks confirmation, which has divided the investor community into two – those who are buying the dips and those who are expecting a further correction.
Week ahead – BoE and RBA decisions headline a calm week
Bank of England meets on Thursday, unlikely to signal rate cuts. Reserve Bank of Australia could maintain a higher-for-longer stance. Elsewhere, Bank of Japan releases summary of opinions.