Weekly Technical Outlook on Major – USD/CHF

AceTrader Team AceTrader

WEEKLY USD/CHF TECHNICAL OUTLOOK

Last Update At 24 Feb 2020 00:38GMT

Trend Daily Chart
Sideways

Daily Indicators
Rising

21 HR EMA
0.9800

55 HR EMA
0.9814

Trend Hourly Chart
Near term down

Hourly Indicators
Getting o/sold

13 HR RSI
39

14 HR DMI
-ve

Daily Analysis
Consolidation with downside bias

Resistance
0.9848 - Last Thur's 2-month high
0.9826 - Last Fri's NY high
0.9810 - Intra-day high (NZ)

Support
0.9761 - Feb 13 low
0.9741 - Feb 12 low
0.9704 - Feb 04 high (now sup)

USD/CHF - 0.9780.. Although the pair continued recent upmove last week n ratcheted higher to 2-month peask of 0.9848 on Thur, price fell sharply on Fri due to initial rally in eur/usd n later hit 0.9771 in NY on soft U.S. PMI data.

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 last year confirms the downtrend fm 2016 6-year peak at 1.0344 has made a low there. Having said that, subsequent decline to 0.9660 (Aug) last year suggests 1st leg of correction fm 0.9188 has ended. Despite early fall to a fresh 15-month 0.9614 bottom in mid-Jan after stag ing a rebound to 0.9767, dlr's retreat to 0.9630 n the last week's rally to as high as 0.9848 (Thur) signals choppy trading abv 0.9614 would continue n stronger retracement of said decline twd 0.9917 would b4 seen. On the downside, only below 0.9703/04 signals correction is over n risks re-test of 0.9614 in Mar.

Today, last week's selloff fm 0.9848 to 0.9771 signals MT rise fm 0.9614 has made a temp. top n stronger retracement to 0.9730 is seen, o/sold readings on hourly oscillators should keep price abv 0.9703 (61.8% r of 0.9614-0.9848). A daily close abv 0.9810 signals low is made n yields 0.9826, break, 0.9845/48.

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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