WEEKLY USD/CHF TECHNICAL OUTLOOK
Last Update At 16 May 2016 00:08GMT
Trend Daily Chart
Sideways
Daily Indicators
Rising
21 HR EMA
0.9742
55 HR EMA
0.9728
Trend Hourly Chart
Up
Hourly Indicators
Turning down
13 HR RSI
59
14 HR DMI
+ve
Daily Analysis
Consolidation b4 one more rise
Resistance
0.9825 - 50% proj. of 0.9444-0.9767 fm 0.9663
0.9797 - Apr's high (22nd)
0.9774 - Last Fri's high
Support
0.9702 - Last Fri's European low
0.9663 - Last Thru's low
0.9651 - May 06 low
. USD/CHF - 0.9757... The pair climbed to a 2-week high of 0.9767 last Wed due to usd's broad-based strength, despite a cross-inspired retreat to 0.9663 on Thur, price later rallied to 0.9774 in NY Fri after upbeat U.S. economic data.
. Looking at the daily chart, dlr's strg rally fm May's 5-month bottom at 0.9444 to as high as 0.9774 last Fri confirms the MT downtrend fm 2015 4-year peak at 1.0330 (Jun) has indeed made a low there as this level was accompanied by prominent 'bullish convergences' on the daily technical indicators n re-test of Apr's 0.9797 high would be forthcoming soon, a daily close abv there would encourage for gain to 0.9887, this is a 'neutral' 50% r of aforesaid fall fm 1.0330-0.9444, then 0.9914 (chart res/obj.), however, reckon 1.0094 (Mar high) would cap upside this month n yield retreat later. Therefore, buying dlr on dips in anticipation of gain to indicated targets is recommended n only a daily close below 0.9663 may risk stronger retracement twd 0.9600/10 b4 prospect of rebound.
. Today, although dlr's retreat fm Fri's 2-1/2 week high at 0.9774 (NY) suggests initial consolidation is in store, as long as 0.9702 (European low) holds, re-test of 0.9797 chart obj. is seen but reckon 0.9825 would cap upside
.
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