DAILY USD/CHF TECHNICAL OUTLOOK
Last Update At 08 Jun 2016 00:02GMT
Trend Daily Chart
Up
Daily Indicators
Turning down
21 HR EMA
0.9670
55 HR EMA
0.9716
Trend Hourly Chart
Down
Hourly Indicators
Bullish convergences
13 HR RSI
31
14 HR DMI
-ve
Daily Analysis
Consolidation with downside bias
Resistance
0.9789 - Last Fri's hourly res
0.9750 - Last Fri's low (now res)
0.9718 - Y'day's high
Support
0.9643 - Y'day's low
0.9614 - May 3 low
0.9585 - 70.7% r of 0.9444-0.9956
. USD/CHF - 0.9752... Although dlr moved in a relatively narrow range of 0.9698-0.9715 in Asia, renewed buying n chf vs euro pressured price lower to a fresh 1-month low at 0.9443 in Europe b4 recovering to 0.9688 in NY morning.
. Looking at the bigger picture, last Fri's selloff to as low as 0.9750, then 0.9643 y'day strongly suggests the correction fm May's 5-month bottom at 0.9444 has ended at 0.9956 (30 May) n consolidation with downside bias would be seen for weakness twds 0.9614 (May 3 low), then 0.9585, being 70.7% r of 0.9444- 0.9956. Having said that, as hourly indicators have already displayed prominent bullish convergences, steep fall below latter lvl is not likely n risk would increase for a much-needed rebound later. On the upside, only abv 0.9956 would signal rise fm 0.9444 to retrace MT decline fm 2015 peak at 1.0330 has resumed instead n extend to 0.9992, being 61.8% r of aforesaid fall fm 1.0330-0.9444.
. Today, as y'day's 0.9643 low was accompanied with bullish convergences on hourly indicators, sharp fall below there is unlikely n reckon 0.9614 would hold and yield rebound, therefore, we are looking to buy on next marginal weakness to 0.9730 but only abv 0.9715 would confirm a low has been made, 0.9750.
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