AceTraderFx May2: Daily Technical Outlook on USD/CHF

DAILY USD/CHF TECHNICAL OUTLOOK
Last Update At 01 May 2014 23:53GMT

Trend Daily Chart
Sideways

Daily Indicators
Neutral

21 HR EMA

0.8795

55 HR EMA

0.8802

Trend Hourly Chart
Near term down

Hourly Indicators
Turning up

13 HR RSI
43

14 HR DMI
-ve

Daily Analysis
Consolidation with downside bias

Resistance
0.8905 - Apr 04 low (now res)
0.8862 - Last Tue’s high
0.8851 - Wed’s high

Support
0.8771 - Mon’s low
0.8743 - Apr 11 3-week low
0.8698 - Mar 13 (2014 low )

. USD/CHF - 0.8792 … Despite extending decline fm Wed’s 0.8851 high in thin European open y’day due to intra-day rise in the eur/usd, dlr touched sessions low of 0.8783 at NY open, broad-based recovery in the greenback lifted the pair to 0.8801 b4 moving narrowly in quiet NY afternoon.

. Looking at the hourly & daily charts, dlr’s retreat fm 0.8851 suggests ‘choppy’ trading below last Tue’s high at 0.8862 wud continue with downside bias but below Mon’s 0.8771 low is needed to confirm early recovery fm Apr’s 3-week trough at 0.8743 has ended there, then re-test of said sup wud follow, a break there wud indicate MT downtrend fm 2012 peak at 0.9972 has possibly resumed n extend weakness twd Mar’s 2-year trough at 0.8698 next week. On the upside, only daily close abv 0.8862 wud signal the pullback fm Apr’s high at 0.8953 has end ed at 0.8743 instead n turn outlook bullish for subsequent gain to 0.8880 (Apr 08 high) but res at 0.8953 (Apr’s high) shud limit upside.

. Today, traders are keeping their powder dry ahead of release of the U.S. jobs data n selling on intra-day recovery is favoured. In case dlr rises on strg payrolls n penetrates 0.8862 res, risk is seen for gain twd 0.8905/10.

DAILY USD/CHF TECHNICAL OUTLOOK
Last Update At 09 Oct 2014 00:44GMT

Trend Daily Chart
Up

Daily Indicators
Turning down

21 HR EMA
0.9545

55 HR EMA
0.9571

Trend Hourly Chart
Near term down

Hourly Indicators
Falling

13 HR RSI
35

14 HR DMI
-ve

Daily Analysis
Consolidation with downside bias

Resistance
0.9624 - Tue’s high
0.9601 - Y’day’s high
0.9555 - Tue’s low (now res)

Support
0.9504 - Intra-day low
0.9489 - Last Mon’s low
0.9433 - Sep 17 high (now sup)

. USD/CHF - 0.9527… Despite y’day’s intra-day swings in Asian & European sessions inside a 0.9556-0.9601 range following previous day’s decline to 0.9555, the pair tumbled after release of dovish Fed minutes, price fell to 0.9510 due to dlr’s broad-based weakness n then hit an intra-day low of 0.9504 in Asia.

. Looking at the hourly n daily charts, y’day’s break of 0.9555 suggests further choppy trading below Mon’s fresh 1-year peak at 0.9690 wud continue with downside bias n further weakness to 0.9496 is now envisaged, this is the natural 50% r of intermediate rise fm 0.9301 to 0.9690, a daily close below there wud bring stronger correction twd 0.9436 n possibly twd 0.9357, being 38.2% n 50% r respectively of 0.9024-0.8960. In view of abv analysis, selling dlr on recovery in anticipation of further decline is favoured as only abv 0.9601 (y’day’s top) wud signal 1st leg of correction is over, however, reckon 0.9630/40 wud cap upside n yield another leg of decline next week.

. Today, we’ve exited previous short position after intra-day recovery fm 0.9504 (Australia) n wud sell again on minor recovery as 0.9555 (prev. sup, now res) wud cap present rebound n yield decline to 0.9470/75.

DAILY USD/CHF TECHNICAL OUTLOOK
Last Update At 14 Oct 2014 00:33GMT

Trend Daily Chart
Up

Daily Indicators
Turning down

21 HR EMA
0.9519

55 HR EMA
0.9534

Trend Hourly Chart
Near term down

Hourly Indicators
Rising fm o/s

13 HR RSI
41

14 HR DMI
-ve

Daily Analysis
Choppy consolidation to continue

Resistance
0.9624 - Last Tue’s high
0.9593 - Last Fri’s high
0.9552 - Y’day’s European high

Support
0.9469 - Intra-day low in Australia
0.9433 - Sep 17 high (now sup)
0.9357 - 50% of 0.9024-0.9690

. USD/CHF - 0.9504… Although dlr came under broad-based selling pressure in NZ y’day n fell sharply to 0.9520 in Asian morning, price staged a recovery to 0.9552 in early European morning. However, price again fell to session low of at 0.9512 in N. American morning b4 tanking briefly but sharply to 0.9469 today.
. Looking at the hourly chart, y’day’s strg retreat suggests the recovery fm last Wed’s low at 0.9470 has ended at 0.9593 last Fri n consolidation with downside bias wud be seen for a re-test of aforesaid sup, a firm break there wud confirm the corrective decline fm last Mon’s fresh 1-year high at 0.9690 has resumed n extend weakness twd 0.9433. Having said that, ‘bullish convergences’ on the hourly oscillators’ readings shud prevent steep fall below said lvl n reckon 0.9357 (50% of 0.9024-0.9690) wud hold this week n yield recovery. On the upside, only abv 0.9624 wud confirm the correction fm 0.9690 has ended n yield re-test of abovementioned lvl.

. Today, despite intra-day brief break of y’day’s 0.9512 low to a 2-week trough of 0.9469 in Aust., as price has rebounded at Asian open, abv 0.9539 signals temp. low is amde n yield agin twd 0.9593.

WEEKLY USD/CHF TECHNICAL OUTLOOK
Last Update At 20 Oct 2014 00:03GMT

Trend Daily Chart
Sideways

Daily Indicators
Turning down

21 HR EMA
0.9455

55 HR EMA
0.9454

Trend Hourly Chart
Sideways

Hourly Indicators
Rising

13 HR RSI
58

14 HR DMI
+ve

Daily Analysis
Consolidation with upside bias

Resistance
0.9563 - Wed’s high
0.9525 - 50% r of 0.9690-0.9360
0.9491 - Last Thur’s high

Support
0.9405 - Last Thur’s low
0.9360 - Last Wed’s fresh 3-week low
0.9301 - Sep 16 low

. USD/CHF - 0.9469…The greenback also swung wildly in opposite direction to euro last week. Despite initial weakness to 0.9469 on Mon, price recovered to 0.9563 Wed but only to tank to a near 3-week trough of 0.9360 after downbeat US retail sales, price later bounced back to 0.9491 Thur n moved sideways on Fri.

. Let’s look at daily picture 1st, dlr’s erratic decline fm Oct’s fresh 1-year peak at 0.9670 n then last week’s breach of 0.9470 sup to 0.9360 confirms MT rise fm 2014 near 2-1/2 year trough at 0.8698 (Mar) has indeed formed a tempo rary top at 0.9690 n consolidation with downside bias is seen for further weakness to 0.9311, this is a ‘minimum’ 38.2% r of aforesaid upmove fm 0.8698, a daily close below daily sup at 0.9301 is needed to bring stronger correction twd 0.9194 (50% r). As daily technical are turning down, suggesting consolidation with downside bias is in store this week. On the upside, only a daily clsoe abv0.9563 (last week’s high on Wed) wud dampen present bearish bias on dlr.

. Today, dlr’s erratic rise fm 0.9360 to 0.9491 signals 1st leg of said correction fm 0.9690 has ended, abv 0.9491 wud add credence to this view n bring stronger gain to 0.9525 (50% r) but res at 0.9563 shud cap upside.

DAILY USD/CHF TECHNICAL OUTLOOK
Last Update At 29 Oct 2014 00:17GMT

Trend Daily Chart
Sideways

Daily Indicators
Neutral

21 HR EMA
0.9477

55 HR EMA
0.9490

Trend Hourly Chart
Near term down

Hourly Indicators
Rising fm o/s

13 HR RSI
38

14 HR DMI
-ve

Daily Analysis
Consolidation with a neutral bias

Resistance
0.9593 - Oct 10 high
0.9559 - Last Wed’s high
0.9521 - Y’day’s high

Support
0.9446 - Y’day’s low
0.9398 - Last Tue’s low
0.9360 - Oct 15 low

. USD/CHF - 0.9468… Dlr went through a roller-coaster session on Tue as despite initial rise to rebound to 0.9511 in European morning, price tumbled to session low of 0.9446 in NY morning after weak U.S. durable goods data. Dlr briefly bounced to 0.9481 on upbeat U.S. consumer confidence b4 stabilising.

. Looking at the hourly n daily charts, y’day’s weakness to 0.9446 suggests the recovery fm Oct’s low at 0.9360 has possibly ended at 0.9559 last Wed n choppy trading with mild downside bias wud be seen for marginal fall. On the bigger picture, as dlr’s rally fm 0.9360 to 0.9559 suggests the 1st leg of correction fm Oct’s 1-year peak at 0.9690 has ended there, reckon sup 0.9436, being the ‘dynamic’ 61.8% r shud remain intact n yield another rebound later. Abv 0.9521 wud indicate the pullback fm 0.9559 has ended n retain bullishness for a retest of said res, break, wud extend marginally but daily res at 0.9693 shud hold this week.

. Today, we are holding a long position entered y’day for recovery to 0.9225 n only below 0.9436 wud abort intra-day bullishness n risk further weakness to 0.9398, break wud confirm recovery fm 0.9360 has ended, 0.9360 later.

DAILY USD/CHF TECHNICAL OUTLOOK
Last Update At 04 Nov 2014 01:10GMT

Trend Daily Chart
Up

Daily Indicators
Neutral

21 HR EMA
0.9648

55 HR EMA
0.9625

Trend Hourly Chart
Up

Hourly Indicators
Turning down

13 HR RSI
50

14 HR DMI
+ve

Daily Analysis
Consolidation b4 marginal rise

Resistance
0.9800 - Psychological lvl
0.9745 - 2.618 times ext. of 0.8698-0.9037 fm 0.8857
0.9692 - Y’day’s fresh 1-year peak

Support
0.9612 - Fri’s NY low
0.9581 - Fri’s European low
0.9544 - Last Thur’s NY low

. USD/CHF - 0.9645… Although the greenback opened higher in NZ on Mon due to dlr’s broad-based strength n rose briefly to a fresh 1-year peak at 0.9692 at Asian open, price pared its gains n retreated to session low at 0.9635 in NY morning on poor U.S. mfg PMI b4 moving sideways in NY afternoon.

. Looking at the hourly n daily charts, y’day’s breach of Oct’s 1-year peak at 0.9690 signals the 3-legged upmove fm Mar’s 2-1/2 year trough at 0.8698 has once again resumed n consolidation with upside bias wud be seen for gain twds 0.9722, being the 61.8% projection of 0.9104-0.9690 measured fm 0.9360.
Having said that, sharp move beyond there is unlikely to be seen due to loss of momentum n reckon res 0.9745/49 (2.618 times extension of 0.8698-0.9037 fm 0.8857 n equality of 0.9301-0.9690 measured fm 0.9360 respectively) shud remain intact n yield a much-needed correction later this week. On the downside, below sup 0.9581 (Fri’s NY low) wud indicate a temp. top has been made n stronger retracement twds 0.9544 wud follow.

. Today, we are looking to trade fm both sides of the market n will buy dlr on dips to 0.9615 or wud sell if price climbs marginally to 0.9710 1st.

[B]DAILY USD/CHF TECHNICAL OUTLOOK[/B]
Last Update At [B]11 Nov 2014[/B] [I]00:34GMT
[/I]
[B]Trend Daily Chart [/B]
Up

[B]Daily Indicators [/B]
Bearish divergences

[B]21 HR EMA[/B]
0.9668

[B]55 HR EMA[/B]
0.967

[B]Trend Hourly Chart[/B]
Sideways

[B]Hourly Indicators [/B]
Rising

[B]13 HR RSI [/B]
60

[B]14 HR DMI[/B]
+ve

[B]Daily Analysis[/B]
Consolidation with upside bias

[B]Resistance [/B]
0.9772 - 61.8% proj. of 0.9024-0.9690 fm 0.9360
0.9742 - Last Fri’s fresh 1-year peak
0.9705 - Last Fri’s Euroepan morning low

[B]Support[/B]
0.9617 - Y’day’s low
0.960 - Last Thur’s low
0.9580 - Last week’s low (Tue)

. [B] USD/CHF[/B] - 0.9680… Although the greenback opened lower to 0.9632 in NZ on Mon, price staged a recovery to 0.9659 at Asian open, renewed selling there knocked price to session low at 0.9617 in European morning. However, the pair rebounded strongly to 0.9684 in NY session due to broad-based strength in usd.

. Let’s look at the hourly n daily charts, y’day’s rebound fm 0.9617 suggests the pullback fm last Fri’s fresh 1-year peak at 0.9742 has ended there n consolidation with initial upside bias remains, abv 0.9705/10 wud signal pull back is over n bring gain twd 0.9742, break there wud extend the 3-legged up move fm Mar’s 2-1/2 year trough at 0.8698 twd projected target at 0.9772 (being 61.8% projection of 0.9024-0.9690 fm 0.9360). However, as hourly indicators wud display ‘prominent’ bearish divergences on such move, strg rise abv there is not envisaged n recon 0.9800/10 wud hold fm here n bring correction.

. Today, in view of abv analysis, we’re standing aside initially n wud buy dlr on dips once 0.9705/10 res is penetrated. On the downside, we will sell dlr on recovery is price drops back below 0.9632 n such move wud indicate rebound is over, the weakness to 0.8580 wud follow, break 0.9455/60.

DAILY USD/CHF TECHNICAL OUTLOOK
Last Update At 18 Nov 2014 00:15GMT

Trend Daily Chart
Up

Daily Indicators
Bearish divergences

21 HR EMA
0.9633

55 HR EMA
0.9629

Trend Hourly Chart
Near term up

Hourly Indicators
Rising

13 HR RSI
62

14 HR DMI
+ve

Daily Analysis
Consolidation with upside bias

Resistance
0.9742 - Nov’s fresh 1-year peak
0.9700 - Last Tue’s high
0.9689 - Last Fri’s high

Support
0.9574 - Last Fri’s low
0.9553 - Y’day’s low
0.9511 - Oct 28 high (now sup)

. USD/CHF - 0.9646… Despite a brief recovery to 0.9601 in Australia on Mon, intra-day sell off in dlr/yen led to broad-based usd’s weakness n pressured price to 0.9553 in Asian morning. However, dlr quickly pared its losses n rose to 0.9624 in Europe n then to session high of 0.9652 in NY morning.

. Looking at the hourly n daily charts, despite y’day’s retreat to 0.9553, subsequent strg rebound suggests the 1st leg of correction fm Nov’s fresh 1-year peak at 0.9742 has ended there n consolidation with upside bias wud be seen. Abv res 0.9689 (last Fri’s high) wud add credence to this view n extend gain to 0.9700 (last Tue’s top), however, aforesaid peak may hold initially n yield more choppy consolidation. On the downside, only below 0.9553 wud indicate the corrective decline fm 0.9742 has resumed instead n turn outlook bearish for further weakness twds 0.9511 (prev. res, now sup).

. Today, in view of near term bullish bias, we are buying dlr on dips for gain to 0.9700 n only below 0.9574 (Fri’s low) wud indicate recovery fm y’day’s low at 0.9553 has ended n risk re-test of this lvl later.

WEEKLY USD/CHF TECHNICAL OUTLOOK
Last Update At 24 Nov 2014 00:05GMT

Trend Daily Chart
Up

Daily Indicators
Bearish divergences

21 HR EMA
0.9679

55 HR EMA
0.9638

Trend Hourly Chart
Up

Hourly Indicators
Easing fm o/bot

13 HR RSI
72

14 HR DMI
+ve

Daily Analysis
Possible resumption of MT uptrend

Resistance
0.9772 - 61.8% proj. of 0.9024-0.9690 fm 0.9360
0.9742 - Nov 07 fresh 1-year high
0.9714 - Intra-day high in NZ

Support
0.9664 - Hourly su9
0.9635 - Prev. hourly res (now sup)
0.9606 - Last Thur’s high (now sup)

. USD/CHF - 0.9714… The greenback also swung wildly in tandem with euro in inverse direction last week. Despite ratcheting lower to a 3-week bottom of 0.9530 last Wed, price jumped on FRi to 0.9709 due to intra-day selloff in the euro after ECB Draghi’s repeated dovish comments of launching stimulus measures.

. Let’s look at the bigger picture 1st, dlr’s aforesaid strg bounce fm 0.9530 to 0.9709 (Fri) signals pullback fm Nov’s fresh 1-year peak at 0.9740 as ended there n re-test of this res lvl shud be forthcoming soon, break wud confirm MT uptrend fm 0.8698 (May’s near 2-1/2 year low) has once again resumed n yield gain to next upside target at 0.9772, this is 61.8% proj. of intermediate rise fm 0.9024 to 0.9690 measured fm 0.9360. Having said that, as the daily technical indicators wud dispaly ‘bearish divergences’ on such move, strg gain may not be seen n reckon 0.9875 (61.8% proj. of 0.8857-0.9690 fm 0.9360) wud cap upside n risk has increased for a long-overdue correction to occur. On the downside, a daily close below 0.9530 signals temp. top is made n risks 0.9442.

. Today, price rose to 0.9731 in NZ is currently trading abv 21-hr & 55-hr emas, buying dlr on dips is the way to go for subsequent headway twd 0.9772.

DAILY USD/CHF TECHNICAL OUTLOOK
Last Update At 17 Dec 2014 23:59GMT

Trend Daily Chart
Up

Daily Indicators
0.9678

21 HR EMA
Bearish divergences

55 HR EMA
0.9653

Trend Hourly Chart
Sideways

Hourly Indicators
Rising

13 HR RSI
72

14 HR DMI
+ve

Daily Analysis
Consolidation with upside bias

Resistance
0.9818 - Dec’s peak
0.9778 - Last Tue’s high
0.9747 - Wed’s high

Support
0.9695 - Hourly res
0.9627 - Post-FOMC low
0.9593 - Hourly chart

. USD/CHF - 0.9733… The greenback traded with a firm bias in Asia y’day n ratcheted higher in European session. Price rallied to 0.9695 in NY morning on dovish comments fm ECB member Coueure n despite a sharp pullback to 0.9627 after FOMC statements, dlr rallied to 0.9747 on comments by Fed Chair Janet Yellen.

. Looking at the hourly n daily charts, dlr’s rally fm Tue’s low at 0.9554 to 0.9747 signals correction fm Dec’s fresh 1-1/2 year peak at 0.9818 has ended there n upside bias wud be seen for gain twd this top after consolidation, abv there wud confirm MT uptrend fm 2014 near 2-1/2 year trough at 0.8698 (Mar) has resumed n yield initial headway to 0.9875, this is 61.8% projection of intermediate rise fm 0.8857-0.9690 measured fm 0.9360, however, as the daily technical indicators wud display prominent ‘bearish divergences’ on such move, reckon ‘psychological’ barrier at 1.0000 wud remain intact this month. Therefore, buying dlr on dips is favoured as only below 0.9554 wud abort bullishness on dlr.

. Today, the greenback is expected maintain a firm undertone in Asia following the post-FOMC rally, 0.9695 (Wed’s NY morning high, now sup) shud contain pullback n yield further gain but 0.9818 peak may hold on 1st testing.

DAILY USD/CHF TECHNICAL OUTLOOK
Last Update At 08 Jan 2015 23:50GMT

Trend Daily Chart
Up

Daily Indicators
Rising

21 HR EMA
1.0139

55 HR EMA
1.0107

Trend Hourly Chart
Up

Hourly Indicators
Bearish divergences

13 HR RSI
55

14 HR DMI
+ve

Daily Analysis
Marginal rise b4 correction

Resistance
1.0293 - 80.9% proj. of 0.9844-1.0165 fm 1.0033
1.0235 - 1.618 times ext. of 0.9554-0.9848 fm 0.8759
1.0217 - Y’day’s 4-year high

Support
1.0127 - Wed’s NY low
1.0095 - Wed’s low
1.0033 - Mon’s Asian low

. USD/CHF - 1.0184 … The greenback continued to trade with a firm bias in Asia y’day n then climbed abv Wed’s high at 1.0176 to a fresh 4-year peak at 1.0217 ahead of NY open on selloff in the euro. However, price pared intra-day gains n retreated to 1.0162 in NY morning b4 rebounding in NY afternoon.

. Looking at the hourly n daily charts, y’day’s rally abv Wed’s peak at 1.0176 suggests the MT uptrend fm Mar’s 2-1/2 year trough at 0.8698 remains in progress n upside bias remains for further gain twds 1.0235, this is 1.618 times extension of MT intermediate rise fm 0.9554-0.9848 measured fm 0.8759. Abv wud extend marginally, however, prominent ‘bearish divergences’ on hourly indicators shud prevent strg hain n reckon dlr’s upside wud falter well below 1.0293 (80.9% proj. of 0.9844-1.0165 measured fm 1.0033) n yield a much-needed correction. On the downside, only below Wed’s low at 1.0095 wud indicate a temporary top is in place n risk stronger retracement twd 1.0033 later.

. Today, in view of abv analysis, we are buying dlr on dips for gain to 1.0235 n only below hourly sup at 1.0127 wud abort intra-day bullishness on the greenback n risk stronger retracement but sup 1.0095 shud hold in 1st testing.

DAILY USD/CHF TECHNICAL OUTLOOK
Last Update At 14 Jan 2015 00:08GMT

Trend Daily Chart
Up

Daily Indicators
Rising

21 HR EMA
1.0187

55 HR EMA
1.0170

Trend Hourly Chart
Up

Hourly Indicators
Bearish divergences

13 HR RSI
58

14 HR DMI
+ve

Daily Analysis
Consolidation with upside bais

Resistance
1.0302 - 100% proj. of 1.0033-1.0217 fm 1.0118
1.0267 - 80.90% proj. of 1.0033-1.0217 fm 1.0118
1.0218 - Y’day’s fresh 4-year high

Support
1.0118 - Mon’s low
1.0095 - Last Wed’s low
1.0033 - Last Mon’s Asian low

. USD/CHF - 1.0197 … Despite falling briefly to session low at 1.0127 in Asian morning y’day, the greenback quickly rebounded on intra-day retreat in eur/usd. Price then ratcheted higher in Europe n rose to a fresh 4-year peak at 1.0218 in NY morning on renewed euro’s weakness b4 retreating on profit-taking.

. Looking at the hourly n daily charts, dlr’s brief breach of last Thur’s 4-year peak at 1.0217 suggests the 3-legged upmove fm Mar’s 2-1/2 year trough at 0.8698 has once again resumed n further gain twd 1.0232 (61.8% projection of 1.0033-1.0217 fm 1.0118), then 1.0267 (80.9% projection). However, as the hourly indicators wud display prominent ‘bearish divergences’ on such move, strg gain abv there is unlikely to be seen n reckon dlr wud hold well below 1.0302 (this is 100% projection of 1.0033 to 1.0217 measured fm 1.0118) this week n yield a much-needed correction. On the downside, only below 1.0095 wud indicate a temp. top is made, yield stronger correction twd 1.0033.

. Today, in view of abv analysis, we are buying dlr on dips n only below Mon’s low at 1.0118 wud indicate a temporary top has been made n yield stronger retracement twd 1.0095 b4 prospect of recovery later.

[B]WEEKLY USD/CHF TECHNICAL OUTLOOK[/B]
Last Update At [B]19 Jan 2015 [/B] [I]00:39GM[/I]T

[B]Trend Daily Chart [/B]
Down

[B]Daily Indicators [/B]
Falling

[B]21 HR EMA [/B]
0.8666

[B]55 HR EMA[/B]
0.9001

[B]Trend Hourly Chart[/B]
Down

[B]Hourly Indicators[/B]
Turning up

[B]13 HR RSI[/B]
41

[B]14 HR DMI[/B]
-ve

[B]Daily Analysis[/B]
Choppy trading to continue

[B]Resistance [/B]
0.9392 - 70.7% r of 1.0240-0.7360
0.9131 - Last Thur’s NY high
0.8609 - Last Fri’s high

[B]Support[/B]
0.8326 - Hourly chart
0.8000 - Psychological sup
0.7360 - Last Thur’s 40-month low (Reuters)

. [B] USD/CHF [/B]- 0.8587 … Dlr went thru its most volatile week since the pair was floated in 1971. Despite rising to a 4-year high of 1.0240 Wed, price staged a free fall to a 40-month low of 0.7360 Thur on SNB’s surprise decision to abandon the 1.20 franc peg. Short-covering lifted the pair 0.9131 b4 retreating.

. Looking at bigger picture, dlr’s said reversal fm 1.0240 peak to as low as 0.7360 (Reuters) has completely distorted the usefulness of technical analysis as Thur’s move literally ended dlr’s LT upmove fm the near 4-year long uptrend fm 2011 record low of 0.7072 (Aug) to 1.0240. Based on our experience, the spike bottom at 0.7360 formation means a major low has been made but market will, because of ‘psychological’ reasoning, want to re-test this lvl. So market sentiment will be selling dlr on recovery in the coming days ahead n when price closes abv the psychological 1.0000 mark, selling may subside. Therefore, selling dlr on recovery is favoured but profit shud be taken on decline as price is likely to ‘gyrate’ inside 0.8000-0.9131 range this week.

. Today, price is likely to trade inside 0.8452-0.8809 as near term move wud be influenced by intra-day swings in eur/chf cross.