[B]DAILY TECHNICAL OUTLOOK ON USD/CHF
Last Update At [/B]
31 Jan 2013 00:42GMT
[B]Trend Daily Chart [/B]
Sideways
[B]Daily Indicators [/B]
Turning down
[B]21 HR EMA [/B]
0.9146
[B]55 HR EMA[/B]
0.9193
[B]Trend Hourly Chart [/B]
Down
[B]Hourly Indicators [/B]
Rising fm o/s
[B]13 HR RSI [/B]
22
[B]14 HR DMI [/B]
-ve
[B]Daily Analysis [/B]
Consolidation b4 decline resumes
[B]Resistance [/B]
0.9226 - Y’day’s high
0.9194 - Tue’s NY low, now res
0.9140 - Hourly chart
[B]Support [/B]
0.9094 - Y’day’s low
0.9076 - Jan 02 low
0.9003 - Apr 02 2012 low
[B]USD/CHF [/B]- 0.9104… Despite dlr’s sideways trading in Asia y’day after recovering fm 0.9194 to 0.9228 in Tue’s NY session, eur/usd’s intra-day rally n cross-selling in eur/chf pressured price in Europe, dlr tumbled after release of weak U.S. GDP data n later fell to session lows of 0.9094 b4 stabilising.
Looking at the bigger picture, y’day’s selloff to 0.9094 confirms the cor rection fm Jan’s 8-month low at 0.9076 has indeed ended earlier at 0.9389 (Jan 18 high) n a re-test of this low shud be forthcoming today, below there wud confirm decline fm Aug’s 15-month peak at 0.9972 to retrace the MT uptrend fm 2011 record low at 0.7072 (Aug) has finally resumed n yield further ‘subsequent’ weak kness to chart obj. at 0.9003, however, reckon 2012 low at 0.8932 (Feb) wud hold on 1st testing due to ‘bullish convergences’ on the daily technical indicators.
Today, as price is currently trading well below both 21-hr n 55-hr emas, selling dlr on recovery is favoured. On the upside, only a daily close abv 0.9194 (Tue’s low) wud indicate a temporary low is made n risk wud shift to upside for retracement twd 0.9225/35 but res at 0.9292 (Mon’s high) shud remain intact.