WEEKLY USD/CHF TECHNICAL OUTLOOKLast Update At 20 Oct 2014 00:03GMT
Trend Daily Chart
Sideways
Daily Indicators
Turning down
21 HR EMA
0.9455
55 HR EMA
0.9454
Trend Hourly Chart
Sideways
Hourly Indicators
Rising
13 HR RSI
58
14 HR DMI
+ve
Daily Analysis
Consolidation with upside bias
Resistance
0.9563 - Wed's high
0.9525 - 50% r of 0.9690-0.9360
0.9491 - Last Thur's high
Support
0.9405 - Last Thur's low
0.9360 - Last Wed's fresh 3-week low
0.9301 - Sep 16 low
. USD/CHF - 0.9469...The greenback also swung wildly in opposite direction to euro last week. Despite initial weakness to 0.9469 on Mon, price recovered to 0.9563 Wed but only to tank to a near 3-week trough of 0.9360 after downbeat US retail sales, price later bounced back to 0.9491 Thur n moved sideways on Fri.
. Let's look at daily picture 1st, dlr's erratic decline fm Oct's fresh 1-year peak at 0.9670 n then last week's breach of 0.9470 sup to 0.9360 confirms MT rise fm 2014 near 2-1/2 year trough at 0.8698 (Mar) has indeed formed a tempo rary top at 0.9690 n consolidation with downside bias is seen for further weakness to 0.9311, this is a 'minimum' 38.2% r of aforesaid upmove fm 0.8698, a daily close below daily sup at 0.9301 is needed to bring stronger correction twd 0.9194 (50% r). As daily technical are turning down, suggesting consolidation with downside bias is in store this week. On the upside, only a daily clsoe abv0.9563 (last week's high on Wed) wud dampen present bearish bias on dlr.
. Today, dlr's erratic rise fm 0.9360 to 0.9491 signals 1st leg of said correction fm 0.9690 has ended, abv 0.9491 wud add credence to this view n bring stronger gain to 0.9525 (50% r) but res at 0.9563 shud cap upside.
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