WEEKLY USD/CHF TECHNICAL OUTLOOK
Last Update At 18 Jan 2016 00:10GMT
Trend Daily Chart
Sideways
Daily Indicators
Neutral
21 HR EMA
1.0019
55 HR EMA
1.0031
Trend Hourly Chart
Sideways
Hourly Indicators
Turning up
13 HR RSI
47
14 HR DMI
-ve
Daily Analysis
Choppy consolidation to continue
Resistance
0.9958 - Last Fri's low
0.9922 - 07 Jan low
0.9881 - Last Mon's low
Support
1.0107 - Last Wed's high
1.0094 - Last Thur's high
1.0061 - Last Fri's high
. USD/CHF - 1.0017... Despite briefly spiking down to 0.9881 last Mon, the greenback rallied to 1.0107 on Wed on improved risk sentiment, however, dlr pared its gains n retreated sharply to 0.9958 on Fri b4 stabilising.
. Looking at the the bigger picture 1st, dlr's rally fm Dec's 6-week low at 0.9786 to 1.0126 in Jan suggests the corrective decline fm Nov's 4-year peak at 1.0330 has ended there n gain to 1.0226 (prev. sup, now res) wud be seen later this month. Having said that, last week's retreat after holding below res 1.0126 suggests consolidation with downside bias wud be seen n weakness twds 0.9881 is envisaged. Below wud indicate the correction fm 0.9786 has ended instead n retain bearishness for 0.9854. Therefore, selling on pullback is favored n only abv 1.0107 wud signal the pullback fm 1.0126 wud revive bullishness for gain twds 1.0179 (prev. sup, now res).
. Today, in view of abv analysis, we are selling on pullback for 0.9960 n wud look to exit on next decline as sup 0.9922 shud remain intact today n yield rebound. On the upside, only abv 1.0090/94 wud abort daily bearishness n risk gain twds 1.0107 but res 1.0126 shod limit upside.
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