Daily technical and trading outlook – USD/CHF

  

DAILY USD/CHF TECHNICAL OUTLOOK

Last Update At 04 Sep 2020 00:18GMT

Trend Daily Chart

Sideways

Daily Indicators

Turning up

21 HR EMA

0.9102

55 HR EMA

0.9099

Trend Hourly Chart

Sideways

Hourly Indicators

Turning down

13 HR RSI

43

14 HR DMI

-ve

Daily Analysis

Consolidation with upside bias

Resistance

0.9198 – Aug 12 high
0.9161 – Aug 20 high
0.9142 – Y’day’s high

Support

0.9070 – Last Fri’s NY high (now sup)
0.9052 – Mon’s high (now sup)
0.9025 – Last Fri’s low

USD/CHF – 0.9096.. Although dlr initially rose fm 0.9102 in Aust. to a 13- day high of 0.9142 at European open, price later dropped to 0.9084 in NY on selling in eur/chf cross n selloff in US yields b4 stabilising.

On the bigger picture, dlr’s rally fm 2018 31-month trough of 0.9188 to a 2-year peak at 1.0238 in Apr (2019) confirms downtrend fm 2016 6-year peak at 1.0344 has made a low there. Despite staging an erratic rise to 2019 peak of 1.0238 in Apr, dlr’s selloff fm there n then brief break of 0.9188 to a 4-1/2 year trough of 0.9184 in Mar on safe-haven chf buying signals LT downtrend has resumed. Despite dlr’s brief fall to a fresh 5-1/2 year 0.8999 low on Tue, subsequent rally suggests aforesaid decline has made a temp. bottom n stronger retrace. to 0.9198 would be seen after consolidation, break would head to 0.9240 b4 retreat. Only daily close below 0.9052 signals recovery over, 0.8999/00.

Today, despite dlr’s rally fm Tue’s fresh 5-1/2 year bottom at 0.8999 to 0.9142 y’day, subsequent retreat suggests 1st leg of correction has possibly ended n retrace. to 0.9065/70 would be seen b4 prospect of another rise, abv 0.9142, 0.9161 but 0.9198 should remain intact. Below 0.9037/42 risks 0.8999/00.

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