[B]DAILY TECHNICAL OUTLOOK ON USD/CHF
Last Update At [/B]
22 Jan 2013 00:16GMT
Trend Daily Chart
Sideways
Daily Indicators
Turning up
21 HR EMA
0.9344
55 HR EMA
0.9334
Trend Hourly Chart
Sideways
Hourly Indicators
Bearish divergences
13 HR RSI
46
14 HR DMI
+ve
Daily Analysis
Consolidation b4 upmove resumes
Resistance
0.9477 - 1.618 times extension of 0.9076-0.9302 fm 0.9111
0.9418 - 38.2% r of 0.9972-0.9076
0.9389 - Last Fri’s high
Support
0.9303 - Last Fri’s low
0.9287 - Last Thur’s low
0.9263 - Last Tue’s Asian high
USD/CHF - 0.9332 … The pair also spent a lackluster day trading inside a very tight range of 0.9309-0.9354 y’day. Dlr met renewed selling interest below last Fri’s NY res at 0.9355 n fell fm 0.9354 (NZ) to a low of 0.9309 after European markets closed b4 rebounding to 0.9334 n then 0.9346 today.
As price has rebounded after holding abv last Fri’s NY low of 0.9303, suggesting the pullback fm last Fri’s near 2-month high of 0.9389 has ‘possibly’ ended there n a firm breach of o/head res at 0.9355 wud add credence to this view n yield resumption of recent upmove fm Jan’s low of 0.9076 for re-test of said res, abv wud bring stronger retracement of decline fm 2012 Jul’s high of 0.9972 to 0.9418 (‘minimum’ 38.2% of 0.9972-0.9076), however, bearish divergences on hourly oscillators shud cap price at 0.9477 (1.618 times extension of 0.9076-0.9302 fm 0.9111) n yield retreat later.
Today, we are cautiously holding our long position in anticipation of such rise. On the downside, a breach of 0.9303 wud confirm recent upmove fm 0.9076 has indeed made a top n bring weakness to 0.9287 n then 0.9263.
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