Weekly Technical Outlook on Major - USD/CHF

AceTrader Team AceTrader

WEEKLY USD/CHF TECHNICAL OUTLOOK
Last Update At 13 Aug 2018 00:53GMT

Trend Daily Chart
Sideways

Daily Indicators
Neutral

21 HR EMA
0.9943

55 HR EMA
0.9942

Trend Hourly Chart
Sideways

Hourly Indicators
Neutral

13 HR RSI
50

14 HR DMI
+ve

Daily Analysis
Consolidation with upside bias

Resistance
1.0044 - Jul 19 high
1.0010 - Jul 20 high
0.9985 - Last week's high (Mon)

Support
0.9921 - Aug 03 low
0.9895 - Last Thur's low
0.9868 - Jul 31 low

USD/CHF - 0.9943.. The pair went through a roller-coaster ride last week. Price initially climbed to a 2-week high of 0.9985 on Mon n quickly ratcheted lower to 0.9895 on Thur b4 rebounding to 0.9975 on broad-based usd's rally.
On bigger picture 1st, dlr's rally fm 2018 31-month trough of 0.9188 in mid-Feb, then subsequent rally to a near 1-year high at 1.0057 in May signals the early downtrend fm 2016 6-year peak at 1.0344 has made a low as this level was accompanied by 'bullish convergences' on the daily indicators. Despite climbing to a 14-month high of 1.0068 in mid-Jul, subsequent fall to a 3-week low of 0.98 68 suggests temp. top has been formed as highlighted by 'bearish divergences' on daily indicators, a daily close below 0.9857/58 sup would bring stronger retrace ment twd 0.9789 (Jun's low) in early Aug. Only abv 1.0068 would risk one more rise twd 1.0171 b4 prospect of correction later this month.
Today, although Fri's retreat fm 0.9975 to 0.9929 due to buying of chf on risk aversion following free fall in Turkish lira suggests 'choppy' trading below 0.9985 would continue, as long as 0.9895 holds, upside bias remains for 1.0010 but 1.0044 should cap upside. Below 0.9895 may risk re-test of 0.9868.

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AceTrader Team

AceTrader

Led by world-renowned technical analyst Wilson Leung, we have a team of 7 analysts monitoring the market and updating our recommendations and commentaries 24 hours a day.

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