DAILY USD/CHF TECHNICAL OUTLOOKLast Update At 18 Nov 2014 00:15GMT
Trend Daily Chart
Up
Daily Indicators
Bearish divergences
21 HR EMA
0.9633
55 HR EMA
0.9629
Trend Hourly Chart
Near term up
Hourly Indicators
Rising
13 HR RSI
62
14 HR DMI
+ve
Daily Analysis
Consolidation with upside bias
Resistance
0.9742 - Nov's fresh 1-year peak
0.9700 - Last Tue's high
0.9689 - Last Fri's high
Support
0.9574 - Last Fri's low
0.9553 - Y'day's low
0.9511 - Oct 28 high (now sup)
. USD/CHF - 0.9646... Despite a brief recovery to 0.9601 in Australia on Mon, intra-day selloff in dlr/yen led to broad-based usd's weakness n pressured price to 0.9553 in Asian morning. However, dlr quickly pared its losses n rose to 0.9624 in Europe n then to session high of 0.9652 in NY morning.
. Looking at the hourly n daily charts, despite y'day's retreat to 0.9553, subsequent strg rebound suggests the 1st leg of correction fm Nov's fresh 1-year peak at 0.9742 has ended there n consolidation with upside bias wud be seen. Abv res 0.9689 (last Fri's high) wud add credence to this view n extend gain to 0.9700 (last Tue's top), however, aforesaid peak may hold initially n yield more choppy consolidation. On the downside, only below 0.9553 wud indicate the corrective decline fm 0.9742 has resumed instead n turn outlook bearish for further weakness twds 0.9511 (prev. res, now sup).
. Today, in view of near term bullish bias, we are buying dlr on dips for gain to 0.9700 n only below 0.9574 (Fri's low) wud indicate recovery fm y'day's low at 0.9553 has ended n risk re-test of this lvl later.
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