Weekly Technical Outlook on Major - USD/CHF

AceTrader Team AceTrader

WEEKLY USD/CHF TECHNICAL OUTLOOK
Last Update At 15 Oct 2018 00:05GMT

Trend Daily Chart
Sideways

Daily Indicators
Rising

21 HR EMA
0.9909

55 HR EMA
0.9806

Trend Hourly Chart
Sideways

Hourly Indicators
Rising

13 HR RSI
50

14 HR DMI
+ve

Daily Analysis
Choppy consolidation to continue

Resistance
0.9985 - Aug high (06)
0.9956 - Last week's fresh 6-week high (Tue)
0.9934 - Last Wed's high

Support
0.9882 - Last Fri's low
0.9857 - Last week's low (Thur)
0.9829 -Oct 02 low

USD/CHF - 0.9908.. Despite continuing its recent winning streak to a 5- week high of 0.9958 initially last week (Tue), broad-based retreat in usd pre- ssured price to 0.9857 on Thur b4 rebounding to 0.9930 on Fri.
On the bigger picture, dlr's rally fm 2018 31-month trough of 0.9188 in mid-Feb, then subsequent gain to a 14-month high at 1.0068 in Jul signals down- trend fm 2016 6-year peak at 1.0344 has made a low, however, as said 1.0068 peak was accompanied by 'bearish convergences' on the daily indicators, subsequent drop to Sep's 5-month trough at 0.9542 signals top is in place. Having said that , dlr's impressive rally fm 0.9581 to 5-week high at 0.9956 last Thur signals correction fm 1.0068 has possibly ended n abv 0.9956 would head to 0.9985 (Aug's high), break would yield re-test of 1.0068 in Nov. On the downside, below 0.9829 (sup n 38.2% r fm 0.9542) would risk stronger retracement twd 0.9700/10.
Today, although dlr's erratic rise fm 0.9857 (Thur) to 0.9930 on Fri sug gests correction fm 0.9956 has ended, abv 0.9930/34 would extend gain to 0.9775/ 85, 'bearish divergences' in hourly indicators should cap price below 1.0000. On the downside, below 0.9882 may risk another fall to 0.9857, break, 0.9829/33.

Author

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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