AceTraderForex Jul 25 : DAILY TECHNICAL OUTLOOK ON USD/CHF


DAILY TECHNICAL OUTLOOK ON USD/CHF
25 Jul 2013 01:09GMT

Trend Daily Chart
Sideways

Daily Indicators
Falling

21 HR EMA
0.9369

55 HR EMA
0.9371

Trend Hourly Chart
Sideways

Hourly Indicators
Rising

13 HR RSI
58

14 HR DMI
+ve

Daily Analysis
Choppy trading to continue

Resistance
0.9478 - Last Thur’s NY res
0.9443 - Last Fri’s European high
0.9408 - Tue’s high

Support
0.9322 - Mon’s low
0.9313 - Jun 24 low
0.9272 - Jun 17 high, now sup

. USD/CHF - 0.9352… Dlr traded in a choppy fashion y’day. Despite a cross-induced rebound to 0.9374 at European open, price retreated to 0.9338 in reaction to the release of strg German PMIs, however, dlr’s broad-based strength on better-than-expected U.S. new home sales data later lifted price to 0.9390.

. Looking at the hourly chart, despite dlr’s strg retreat fm Tue’s high of 0.9408 to 0.9338 y’day, as early rebound fm 0.9322 (Mon) signals the decline fm Jul’s peak at 0.9753 has possibly made a temporary low there (this lvl was accompanied by bullish convergences on hourly oscillators), ‘choppy’ consolidation
with mild upside bias wud be seen n a breach of 0.9408 res wud confirm this view n yield stronger gain to 0.9478/87 (Jul 18 high n 38.2% r of 0.9753-0.9322. Having said that, as the daily technical indicators are still falling, suggesting upside wud be ltd n price wud falter below 0.9536 (Jul 11 NY morning high) n
yield resumption of dlr’s decline fm this month’s high at 0.9753 in Aug.

. Today, we’re holding a long position in anticipation of a rebound with stop below 0.9338 sup, break wud extend marginal weakness to 0.9313 n 0.9272.