AceTraderFx Dec 24: Daily Technical Outlook & Trading Ideals on USD/CHF

DAILY MARKET OUTLOOK on Major USD/CHF
16 Jun 2016 08:19GMT

DAILY USD/CHF OUTLOOK - 0.9604

Despite dlr’s intra-day brief breach of last Thursday’s 0.9578 low to a 5-week trough of 0.9571, loss of momentum should prevent steep fall and bring a minor retrace. of early fall from May’s 0.9956 top before prospect of another decline next week.

Still favour selling on recovery for 0.9560 or buy at 0.9540 for 0.9620. Below 0.9498, 0.9444.

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[B]DAILY USD/CHF TECHNICAL OUTLOOK [/B]
Last Update At [B]17 Jan 2017[/B] [I]00:07GMT[/I]

[B]Trend Daily Chart[/B]
Sideways

[B]Daily Indicators[/B]
Falling

[B]21 HR EMA[/B]
1.0111

[B]55 HR EMA[/B]
1.0112

[B]Trend Hourly Chart[/B]
Sideways

[B]Hourly Indicators[/B]
Neutral

[B]13 HR RSI[/B]
50

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

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

[B]Resistance[/B]
1.0248 - Last Wed’s high
1.0198 - Last Mon’s high
1.0137 - Y’day’s high

[B]Support[/B]
1.0078 - Hourly chart
1.0043 - Last Fri’s 1-month low
1.0021 - Dec 08 low

. USD/CHF - 1.0112… The greenback traded sideways in Asia y’day n found renewed buying at 1.0091 ahead of European open. Price rose to session high at 1.0137 b4 moving narrowly in North American session as U.S. market was closed.

. On the bigger picture 1st, despite dlr’s resumption of the LT uptrend fm 2015 bottom at 0.7360 to a 6-year peak of 1.0344 in mid-Dec, the strg retreat to 1.0059 confirms temporary top has been made there n last week’s marginal weakness to a fresh 1-month low at 1.0043 (Thur) signals said decline has resumed n would pressure price to 0.9941 (this is a natural 50% r of 0.9550-1.0344), how- ever, reckon 0.9858 (38.2% r of intermediate rise fm 0.9072-1.0344) would contain weakness. Therefore, as daily indicators are falling, selling dlr on recovery is recommended. On the upside, only a daily close abv 1.0248 signals temp. low is made n risks gain twd 1.0335 later this month.

. Today, as y’day’s rebound to 1.0137 suggests recent decline fm Dec’s top at 1.0344 has made a minor low at Fri’s 1-month trough at 1.0043, as this level was accompanied by ‘bullish convergences’ on the hourly oscillators, abv 1.0137 would bring retracement to 1.0180/90. Only below 1.0055 risks 1.0021/25 later.