Weekly Technical Outlook on Major - USD/CHF

AceTrader Team AceTrader

WEEKLY USD/CHF TECHNICAL OUTLOOK
Last Update At 21 Jan 2019 00:56GMT

Trend Daily Chart
Up

Daily Indicators
Rising

21 HR EMA
0.9947

55 HR EMA
0.9930

Trend Hourly Chart
Up

Hourly Indicators
Bearish divergences

13 HR RSI
62

14 HR DMI
+ve

Daily Analysis
Marginal rise b4 retreat

Resistance
1.0009 - Dec 5 high
0.9990 - Dec 14 high
0.9963 - Dec 26 high

Support
0.9910 - Last Wed's high (now sup)
0.9873 - Last Wed's low (AUS)
0.9844 - Last Tue's NY low

USD/CHF - 0.9955... Dollar continued its previous week's gain last week n climbed fm 0.9801 (Mon) to a 3-week high of 0.9958 on Fri due to renewed usd's strength on market optimism over US/China trade talks n rise in eur/chf cross.
On the bigger picture, dlr's rally fm 2018 31-month trough of 0.9188 in mid-Feb to as high as 1.0068 in Jul, then gain to a 20-month peak at 1.0128 mid- Nov confirms downtrend fm 2016 6-year peak at 1.0344 has made a low. Having said that, subsequent erratic fall to a 3-month low at 0.9716 signals temp. top has has been made n choppy sideways swings are in store ahead of Jan 30 FOMC rate decision. A daily close abv 0.9963 would indicate correction has ended, then price would head to 1.0009 n later twd 1.0128 in late Jan/Feb. On the downside, below 0.9801 signals correction over n would risk re-test of 0.9716, 'bullish con vergences' on daily indicators should keep dlr abv 0.9542 (Sep 2018 low).
Today, dlr's resumption of upmove to a 3-week high at 0.9958 together with current price trading abv 21-hr n 55-hr emas suggests upside bias remains for further gain, 'bearish divergences' on hourly oscillators' readings should cap price at 0.9990. Below 0.9910 signals temp. top is made, 0.9873, 0.9844.

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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