WEEKLY USD/CHF TECHNICAL OUTLOOK
Last Update At 1 Feb 2016 00:08GMT
Trend Daily Chart
Sideways
Daily Indicators
Rising
21 HR EMA
1.0215
55 HR EMA
1.0186
Trend Hourly Chart
Up
Hourly Indicators
Easing fm o/bot
13 HR RSI
65
4 HR DMI
+ve
Daily Analysis
Consolidation b4 marginal rise
Resistance
1.0308 - Dec 02 high
1.0276 - Dec 03 high
1.0257 - Last Fri's near 2-month peak
Support
1.0220 - Fri's reaction low fm 1.0257
1.0165 - Hourly chart
1.0111 - Last Thur's low
. USD/CHF - 1.0249... Dlr swung wildly last week b4 jumping to 1.0224 in Asia on Fri after BoJ's surprise -ve rate decision, price briefly retreated to 1.0133 b4 climbing to 1.0257 on active buying in eur/chf cross in NY.
. Let's look at the bigger picture 1st, dlr's resumption of recent erratic rise fm 2015 Dec's 0.9786 low to as high as 1.0257 last Fri strongly suggests the correction fm 2015 4-year peak at 1.0330 (Nov) has ended there n as long as 1.0111 sup holds, bullishness remains for re-test of 1.0330 after initial consolidation, abv would yield further headway to 1.0456 n then twd 1.0563 later this month, being 50% projection of upmove fm 2015 low at 0.7360 (Jan) to 1.0129 measured fm 0.9072 n 61.8% projection of 0.9072-1.0330 measured fm 0.9786 respectively, current rising daily technical indicators lend credence to this view. On the downside, only below 0.9111 dampens bullishness n may risk weakness to 1.0053.
. Today, although Fri's retreat fm 1.0257 to 1.0220 suggests initial consolidation is in store in Asia, reckon 1.0165 sup would contain pullback n yield gain to 1.0276, reckon minor daily res at 1.0308 would cap upside. So buying on dips is favoured n only below 1.0165 risks retracement twd 1.0133, 1.0111.
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