WEEKLY USD/CHF TECHNICAL OUTLOOKLast Update At 23 Feb 2015 00:53GMT
Trend Daily Chart
Down
Daily Indicators
Turning up
21 HR EMA
0.9435
55 HR EMA
0.9440
Trend Hourly Chart
Near term down
Hourly Indicators
Turning down
13 HR RSI
54
14 HR DMI
-ve
Daily Analysis
Consolidation with downside bias
Resistance
0.9576 - 61.8% proj. of 0.8600-0.9247 fm 0.9176
0.9554 - Prev. hourly sup, now res
0.9535 - Last Fri's high
Support
0.9374 - Last Fri's ow
0.9314 - Last Thur's low
0.9292 - Last Wed's low
. USD/CHF - 0.9410 ... U.S. dollar ratcheted higher against Swiss franc fm last Mon's low at 0.9284 n price rose to fresh one-month high at 0.9535 on Fri due to active cross selling in chf (eur/chf rose fm 1.0664 to 1.0812), however, profit-taking knocked price lower to 0.9372 in late NY on Fri.
. The broad outlook remains the same as recent updates. Despite dlr's free fall fm Jan's fresh 2-1/2 yr peak of 1.0240 to a 4-month trough of 0.7360 after SNB dropped the 1.20 franc cap, subsequent swift bounce had left a spike bottom formation on the daily chart. Although euro's strg retreat from last Fri's fresh 1-month high at 0.9535 suggests the erratic upmove fm Jan's 4-month low at 0.7360 has formed a temp. top n choppy consolidation wud be seen for a retrace to 0.9292 n possibly twds 0.9176 this week, however, reckon 0.9140 (being 38.2% r of intermediate rise fm 0.8500) shud contain downside n yield rebound. Abv 0.9535 wud bring further gain twds 0.9576 (61.8% proj. of 0.8600-0.9247 fm 0.9176) but 0.9673 (50% projection of 0.9352-0.9347 fm 0.9176) wud cap upside.
. Today, in view of near term bearish scenario on dlr, selling on recovery is favoured. Only abv 0.9500 wud revive bullishness for re-test of 0.9535.
_20150223072854.png "chf")
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