AceTraderFx Feb 27: Daily Technical Outlook on Major – USD/CHF

[acetraderfx]

DAILY USD/CHF TECHNICAL OUTLOOK
27 Feb 2014 00:28GMT

Trend Daily Chart
Sideways

Daily Indicators
Falling

21 HR EMA
0.8899

55 HR EMA
0.8889

Trend Hourly Chart
Nr term up

Hourly Indicators
Easing fm o/bot

13 HR RSI
63

14 HR DMI
+ve

Daily Analysis
Consolidation with upside bias

Resistance
0.8989 - Feb 11 top
0.8967 - Min. 38.2% r of 0.9156-0.9050
0.8930 - Y'day's low

Support
0.8892 - Tue's high (now sup)
0.8850 - Mon's low
0.8800 - Dec 2-year low (27th)

. USD/CHF - 0.8910... Although dlr traded sideways after finding sup at
0.8867 in Asia on Wed, price started to ratchet higher in Europe due to euro's
intra-day weakness. Later, dlr rallied to 0.8930 in NY morning as U.S. Jan new
home sales rose unexpectedly b4 retreating to 0.8904 near NY close.

. Looking at hourly n daily charts, y'day's breach of indicated res at
0.8910/15 (Mon's high n Feb's 20 high respectively) confirms decline fm Jan's
peak at 0.9156 has formed a temporary bottom at Mon's 8-week trough at 0.8850 n
as long as this sup holds, consolidation with upside bias remains for gain twd
0.8967, being 'minimum' 38.2% r of 0.9156-0.8850, however, as hourly oscillators
wud be in o/bot territory on such a move, measured res at 0.8993/03, 61.8% r of
intermediate fall fm 0.9082-0.8850 n also a 'natural' 50% r of aforesaid entire
decline respectively, shud hold n yield strg retreat later.

. In view of abv analysis, buying dlr on intra-day pullback is favoured but
one shud be prudent to take profit twd 0.8960/70. On the downside, only a break
below 0.8850 sup wud revive early bearishness instead for subsequent weakness
twd Dec's 2-year trough at 0.8800 tom or early next week.

 

[acetraderfx]

AceTraderFx Mar 4: Daily Technical Outlook on Major USD/CHF

DAILY USD/CHF TECHNICAL OUTLOOK
04 Mar 2014 01:08GMT

Trend Daily Chart
Down

Daily Indicators
Falling

21 HR EMA
0.8820

55 HR EMA
0.8829

Trend Hourly Chart
Sideways

Hourly Indicators
Rising

13 HR RSI
60

14 HR DMI
+ve

Daily Analysis
Choppy trading to continue

Resistance
0.8930 - Last Wed's high
0.8889 - Last Fri's high
0.8850 - Last Mon's low (now sup)

Support
0.8777 - Last Fri's fresh 2-year low
0.8742 - 100% proj. of 0.9038-0.8850 fm 0.8930
0.8674 - .618 ext. of 09156-0.8904 fm 0.9082


. USD/CHF - 0.8805... Dlr found support after a brief selloff fm 0.8809 to
0.8783 in Aust. on Mon on short-covering in eur/chf cross n price later edged
higher to 0.8812 in early Europe n continued to strengthen after release of
upbeat U.S. eco. data, posting session high at 0.8836 in NY afternoon.

. Looking at the hourly n daily charts, dlr's rebound to 0.8836 suggests
1-2 days of choppy trading abv last Fri's fresh 2-year bottom at 0.8777 wud be
seen b4 MT downtrend fm 0.9972 (2012 top) resumes for a re-test of said sup. A
stronger recovery twd 0.8854, being the 'natural' 50% r of intermediate fall fm
0.8930-0.8777, cannot be ruled out, however, reckon chart res at 0.8889 (last
Fri's high) wud hold n downside bias remains for another fall later. Looking
ahead, a breach of 0.8777 wud confirm aforesaid decline to correct early LT
uptrend fm 2011 record low at 0.7072 has resumed n price shud en route to 0.86
36, being 50% projection of the intermediate fall fm 0.9839 (2013 peak) to
0.8800 measured fm 0.9156, later this month.

. In view of abv analysis, we're standing aside initially n wud sell on
recovery twd 0.8889 as only abv 0.8930 aborts bearishness, risks gain to 0.8989.