DAILY USD/CHF TECHNICAL OUTLOOKLast Update At 15 Aug 2014 00:26GMT
Trend Daily Chart
Up
Daily Indicators
Turning down
21 HR EMA
0.9065
5 HR EMA
0.9069
Trend Hourly Chart
Sideways
Hourly Indicators
Turning up
13 HR RSI
51
14 HR DMI
-ve
Daily Analysis
Choppy trading to continue
Resistance
0.9156 - Jan 21 peak
0.9115 - Last Wed's fresh 6-month high
0.9085 - Y'day's high
Support
0.9033 - Last Fri's low
0.9004 - Jul 18 high (now sup)
0.8986 - 50% r of 0.8857-0.9115
. USD/CHF - 0.9068... Although dlr traded sideways in Asia y'day, offers at 0.9085 at European open (partly related to eur/chf cross selling) pressured price to 0.9046, the pair later weakened to session low at 0.9035 in NY morning on higher-than-expected U.S. jobless claims b4 rebounding to 0.9069.
. Looking at the daily & hourly charts, y'day's strg retreat suggests choppy trading below last Wed's 6-month peak at 0.9115 wud continue. As mentioned in previous update, the price action fm 0.9115 is possibly unfolding into a 'bullish triangle' (with a-leg trough at 0.9033, b-leg top at 0.9104 n c-leg at 0.9035), if this bullish view is correct, then MT rise fm 0.8698 wud resume next week twd 2014 peak at 0.9156 (Jan high). Only a daily close below 0.9033 wud confirm temporary top is made n risk stronger correction of the 3-legged rise fm Mar's 2-1/2 year trough at 0.8698 twds 0.9004 (prev. res, now sup), however, 0.8986 wud hold, this is 'natural' 50% r of intermediate upmove fm 0.8857.
. Today, we are holding a long position entered y'day in anticipation of 'subsequent' gain to 0.9130 with a stop placed below 0.9033 as break wud signal temporary top is made n risk stronger retrace. twds 0.9004 (prev. res, now sup).
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