Last Update At 16 Sep 2019 00:07GMT

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Daily Analysis
Choppy consolidation to continue

0.9975 - Aug high (1st)
0.9946 - Last week's high (Thur)
0.9911 - Last Fri's high

0.9855 - Last week's low (Fri)
0.9820 - Sep 05 low
0.9799 - Sep's low (04)

USD/CHF - 0.9870.. Although dlr ratcheted higher to a 5-week high of 0.9946 in post-ECB NY on Thur, price quickly erased gain made for the week n later tumbled to 0.9855 on Fri b4 staging a strg recovery to 0.9911 in NY.

On the bigger picture, dlr's early rally fm 2018 31-month trough of 0.91 88 in mid-Feb to a 2-year peak at 1.0238 in Apr this year confirms the downtrend fm 2016 6-year peak at 1.0344 has made a low there. Having said that, dlr's fall to 0.9695 in Jun, then to a 10-1/2 month 0.9660 low in Aug suggests correction has ended there. Having said that, last week's gain to 0.9946 suggests temp. low has neem made n choppy sideways swings are on store, as long as res at 0.9975 holds, downside bias remains, below 0.9799 (Sep low) would be the 1st signal correction is over n head back twd 0.9714. Only a daily close above 1.0014/17 (Jun 19 high n 61.8% r of 1.0238-0.9660 respectively risks gain to 1.0122/24.

Today, Fri's rebound fm a 1-week low of 0.9855 to 0.9911 suggests 1st leg of correction fm 0.9946 has ended n range trading is seen, reckon 0.9926/31 would cap upside n yield another decline, below 0.9855 would extend fall to 0.9820 but 0.9799 should hold. Only abv 0.9946 risks stronger gain twd 0.9975.


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