Daily Technical Outlook & Trading USD/CHF

Daily Technical Outlook & Trading USD/CHF

27 May 2016, 12:05
Roberto Jacobs
0
3

Daily Technical Outlook & Trading USD/CHF

DAILY USD/CHF TECHNICAL OUTLOOK
Last Update At 27 May 2016 02:08GMT

Trend Daily Chart
Up

Daily Indicators
Rising

21 HR EMA
0.9897

55 HR EMA
0.9903

Trend Hourly Chart
Sideways

Hourly Indicators
Falling

13 HR RSI
47

14 HR DMI
-ve

Daily Analysis
Choppy trading to continue

Resistance
1.0038 - Feb 29 high
0.9992 - 61.8% r of 1.0330-0.9444
0.9940 - Wed's fresh 2-month high (AUS)

Support
0.9843 - Last Wed's European high (now sup)
0.9806 - Hourly chart
0.9767 - May 10 high (now sup)

. USD/CHF - 0.9892... Dlr came under renewed selling pressure at 0.9824 ahead of Asian open n fell to 0.9885. Later, despite a brief bounce to 0.9929 in NY morning, price swiftly tanked to session low of 0.9872 b4 recovering.

. On the daily chart, dlr's strg rally fm May's 5-month bottom at 0.9444 to a fresh 2-month peak of 0.9940 Wed confirms the MT downtrend fm 2015 5-year peak at 1.0330 (Nov) has ended there, as this level was accompanied by prominent 'bullish convergences' on the daily technical indicators. Current rising indica- tors suggest further headway to 0.9992 is on the cards, being a 'dynamic' 61.8% r of aforesaid fall fm 1.0330-0.9444, however, 1.0094 (Mar high) would hold on 1st testing n yield retreat. On the downside, below 0.9843 indicates a temp. top is made n yields retrace. twd 0.9804/06 b4 prospect of another rise next month.

. Today, as Wed's 0.9940 high was accompanied by 'bearish divergences' on hourly indicators, subsequent break of indicated sup at 0.9883/86 to 0.9872 Thur due to renewed dlr's broad-based weakness signals a temp. top has been made n stronger correction to 0.9843/48 is seen, therefore, trading dlr fm short side is favoured but 0.9804 should hold. Only abv 0.9940 risks 0.9960/70.


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