DAILY USD/CHF TECHNICAL OUTLOOKLast Update At 16 Mar 2016 00:01GMT
Trend Daily Chart
Sideways
Daily Indicators
Turning down
21 HR EMA
0.9869
55 HR EMA
0.9869
Trend Hourly Chart
Sideways
Hourly Indicators
Neutral
13 HR RSI
53
14 HR DMI
+ve
Daily Analysis
Consolidation b4 one more fall
Resistance
0.9983 - 61.8% r of 1.0094-0.9803
0.9940 - Last Wed's low (now res)
0.9896 - Y'day's high
Support
0.9830 - Hourly chart
0.9803 - Last Fri's low
0.9755 - Hourly chart
. USD/CHF - 0.9876... Although dlr rose fm European 0.9849 low to 0.9897, price retreated to 0.9852 at NY open on weak U.S. retail sales data. Lack of follow-through selling later lifted dlr n price moved narrowly in NY afternoon.
. Looking at the bigger picture, despite dlr's resumption of recent upmove fm Feb's 0.9661 trough to retrace the MT downtrend fm 2015 4-year peak of 1.0330 (Nov) to 1.0094 (Reuters) last Thur, subsequent euro-led selloff signals said up move has ended there as this 1-month top was accompanied by prominent 'bearish divergences' on the hourly indicators. A daily close below 0.9803 would add credence to this view n yield weakness to 0.9744 (80.9% r of 0.9661-1.0094), break would yield re-test of 0.9661 in late Mar/Apr. Therefore, selling dlr for fall to aforementioned targets is favoured. On the upside, only a daily close abv 0.9940 (last Wed's low, now res) dampens bearishness but 1.0094 top should hold.
. Today, although y'day's rebound suggests initial choppy trading abv last Fri's low at 0.9803 would continue, reckon 0.9914 (38.2% r of 1.0094-0.9803) would hold n bring another fall, hence we are holding a short position for 0.9790 n exit on next decline as sup 0.9755 shoud hold on 1st testing.
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