Weekly technical and trading outlook – USD/CHF

   Weekly USD/CHF technical outlook

Last Update At 03 May 2021 00:04GMT

Trend daily chart

Down

Daily Indicators

Oversold

21 HR EMA

0.9017

55 HR EMA

0.911

Trend hourly chart

Sideways

Hourly Indicators

Getting o/bot

13 HR RSI

64

14 HR DMI

+ve

Daily analysis

Consolidation with upside bias

Resistance

0.9215 - Apr 19 high
0.9182 - Last Wed's high
0.9158 - Last Wed's NY high

Support

0.9119 - Last Thur's high (now sup)
0.9081 - Last Thur's n Fri's 8-week low
0.9046 - Feb 05 high (now sup)

USD/CHF - 0.9128.. Although dlr extended its recent losing streak last week n hit 0.9122 on Mon, price rebounded to 0.9182 Wed b4 tumbling in post-FOMC NY to 0.9089, then 0.9081 Thur. The pair later rallied to 0.9140 in NY on Fri.

On the bigger picture, dlr's impressive rise fm Jan's near 6-year bottom at 0.8758 to as high as 0.9472 on the 1st day of Apr due to rally in U.S. yields suggests erratic fall fm 1.0344 (2016 peak) to retrace LT rise fm 2015 record low at 0.7360 has possibly ended n price is en route twd 0.9551 (50% r). Having said that, dlr's decline to 0.9122 Mon on broad-based USD's weakness signals a temporary top is made n range trading with downside bias remains, as long as 0.9031 (61.8% r) holds, prospect of another rise still remains, a daily close abv 0.9215 would encourage for price to head back to 0.9375, break, 0.9472 in May/Jun. Only below 0.9031 aborts bullish view n risks weakness twd 0.8872.

Today, dlr's rebound fm 0.9081 to 0.9140 strongly suggests recent decline has made a temp. low n a daily close abv 0.9182 would addd credence to this view n head back to 0.9195, o/bot readings on hourly oscillators would cap price below 0.9215. Only below 0.9100 signals recovery over, risks 0.9050/60 b4 correction.