DAILY USD/CHF TECHNICAL OUTLOOKLast Update At 08 Dec 2015 23:40GMT
Trend Daily Chart
Sideways
Daily Indicators
Turning down
21 HR EMA
0.9949
55 HR EMA
0.9981
Trend Hourly Chart
Down
Hourly Indicators
Falling
13 HR RSI
34
14 HR DMI
-ve
Daily Analysis
Consolidation with downside bias
Resistance
1.0111 - Reaction high fm 1.0041
1.0076 - 50% r of 1.0276-0.9976
1.0036 - Last Fri's high
Support
0.9912 - Last Fri's low
0.9876 - Last Thur's low
0.9836 - Nov low (02)
. USD/CHF - 1.0007... The greenback remained under pressure in Asia n fell in Europe n NY session on selling in eur/chf cross n also weighed down by eur//usd strength, dlr hit intra-day low of 0.9917 in NY afternoon b4 stabilising.
. Looking at the bigger picture, last Thur's eur/usd-led sharp selloff to 0.9876 confirms dlr's MT rise fm Jan's 40-month bottom at 0.7360 has made a top at Nov's fresh 4-year peak at 1.0330 n consolidation with downside bias is seen in the coming days for weakness to 0.9849 n later 0.9701, being 38.2% r n 50% r respectively of the MT intermediate upmove fm 0.9072 (May low). Therefore, selling dlr on recovery in anticipation of weakness to indicated downside targets is recommended. On the upside, only abv 1.0103 (50% r of 1.0330-0.9876) would signal 1st leg of correction is over n may risk stronger gain twd 1.0157 (61.8% r), however, reckon 1.0179 (previous sup, now res) should cap upside.
. Today, as price is trading below both 21 n 55 hr emas, we are selling on intra-day recovery for 0.9880 n would exit on next decline as 'bullish covergences' on hourly indicators would keep price abv 0.9836 n yield correction. On the upside, only abv 1.0036 dampens bearish view n risks gain twds 1.0076.
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