Weekly Technical Outlook on Major - USD/CHF

AceTrader Team AceTrader

WEEKLY USD/CHF TECHNICAL OUTLOOK
Last Update At 16 Sep 2019 00:07GMT

Trend Daily Chart
Sideways

Daily Indicators
Rising

21 HR EMA
0.9887

55 HR EMA
0.9897

Trend Hourly Chart
Sideways

Hourly Indicators
Turning up

13 HR RSI
37

14 HR DMI
+ve

Daily Analysis
Choppy consolidation to continue

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

Support
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.

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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