DAILY USD/CHF TECHNICAL OUTLOOK
Last Update At 08 Jan 2016 00:45GMT
Trend Daily Chart
Sideways
Daily Indicators
Rising
21 HR EMA
0.9989
55 HR EMA
1.0023
Trend Hourly Chart
Down
Hourly Indicators
Falling
13 HR RSI
33
14 HR DMI
-ve
Daily Analysis
Consolidation with downside bias
Resistance
1.0179 - 02 Dec low (now res)
1.0126 - Tue's high
1.0077 - Y'day's European high
Support
0.9956 - 50% r 0.9786-1.0126
0.9924 - Mon's low
0.9856 - last Thur's low
. USD/CHF - 0.9945... Dlr tumbled to 1.0017 in Asia on risk aversion after trading of China's main stock market was suspended b4 rebounding strongly to 1.0077 in Europe. Later, price tumbled to session low at 0.9922 near NY close.
. Let's look at the daily chart 1st, despite dlr's early resumption of fall fm 2015 fresh 4-year top at 1.0330 (Nov) to a 6-week low of 0.9786 in Dec, subsequent rebound to 0.9991 n then rally abv there to 1.0126 on Tue confirms the 1st leg of correction is indeed over n upside bias remains for further gain twd 1.0179 (prev. sup, now res), however, as the hourly oscillators' readings would display 'bearish divergences' on next rise, reckon 1.0184 (1.618 times extension of 0.9786-0.9991 measured fm 0.9852) would hold n yield decline. On the downside, below 0.9924 anytime would confirm correction is over n yield retest of 0.9786 later this month.
. Today, as y'day's retreat suggests the corrective rise fm 0.9786 haspossibly made a temp. top at 1.0126 Tue, we are holding a short position for 0.9960 n wud look to exit on next fall as Mon's low at 0.9924 shud hold. On the upside, only abv 1.0077 wud indicate pullback is over, yield 1.0126 again.
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