DAILY USD/CHF TECHNICAL OUTLOOK Last Update At 25/03/2015 01:03 GMT
Trend Daily Chart
Down
Daily Indicators
Turning down
21 HR EMA
0.9602
55 HR EMA
0.9671
Trend Hourly Chart
Down
Hourly Indicators
Turning up
13 HR RSI
42
14 HR DMI
-ve
Daily Analysis
Consolidation b4 decline resumes
Resistance
0.9695 - Y'day's high
0.9630 - Last Wed's low (now res)
0.9604 - Y'day's NY high
Support
0.9536 - Y'day's low
0.9485 - Equality of 1.0129-0.9630 fm 0.9984
0.9450 - 26 Feb low
. USD/CHF - 0.9590... Although dlr rebounded fm Mon's low at 0.9641 (NY) to 0.9695 in Asia y'day, active selling in eur/chf cross n weakness in the green back pressured price to fresh a 3-1/2 week low at 0.9536 at NY open. Later, dlr recovered to 0.9604 n then moved in a choppy fashion for rest of NY session.
. Looking at the daily chart, y'day's selloff n daily close below last Wed's post-FOMC low at 0.9630 confirms dlr's cross-inspired rally fm Jan's 40-month trough at 0.7360 has indeed made a top at 1.0129 (Mar 12) n consolidation with downside bias is seen for a retracement to 0.9485, being 100% projection of 1.0129-0.9630 measured fm 0.9984. Below wud extend further weakness to 0.9448/50 (being 26 Feb low n 38.2% r of the rise fm 0.8352 to 1.0129 respectively) shud remain intact this week n yield correction later. On the upside, only a move back abv y'day's high at 0.9695 wud indicate a temporary low has been made n turn outlook bullish for further gain twds 0.9729 (prev. sup, now res).
. Today, as broad-based rebound in the greenback in NY session has lifted price fm 0.9536 to 0.9604, suggesting initial consolidation wud be seen but res at 0.9695 shud hold n yield another fall later.
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