****** daily technical outlook on usd/chf ******

[acetraderfx]

DAILY TECHNICAL OUTLOOK ON USD/CHF

Last Update At 18 Apr 2013 00:18GMT

Trend Daily Chart
Down

Daily Indicators
Falling

21 HR EMA
0.9294

55 HR EMA
0.9281

Trend Hourly Chart
Near term up

Hourly Indicators
Overbought

13 HR RSI
67

14 HR DMI
+ve

Daily Analysis
Consolidation with upside bias

Resistance
0.9433 - Apr 05 European res
0.9367 - Apr 09 high
0.9340 - Y'day n last Thur's high

Support
0.9299 - Y'day's hourly sup
0.9261 - Y'day's NY res
0.9238 - Y'day's European morning res

. USD/CHF - 0.9325 ... Despite y'day's brief drop below Tue's low of 0.9208 to 0.9207 in European morning, profit-taking abv 0.9200 level provided support to the dollar n price subsequently rallied on active short-covering due to the selloff in global stock markets. The pair rose to as high as 0.9340 in NY.

. Y'day's rally fm 0.9207 to 0.9340 signals decline fm Mar's high of 0.9567 has made a temp. low there n as current price is trading well abv the 21-hr & 55- hr emas, suggesting intra-day upside bias remains for a stronger retrace. of aforesaid fall to 0.9387, being natural 50% r of 0.9567-0.9207, however, the high readings on hourly oscillators shud prevent strg gain fm there n renewed selling interest shud emerge well below prev. chart res at 0.9433 n yield a much- needed strg retreat later today or tom. On the downside, a daily close below 0.9258/61 (61.8% r of 0.9207-0.9340 n y'day's NY res respectively) wud signal the recovery fm 0.9207 is over instead n bring re-test of said sup.

. Today, buying dlr on intra-day pullback in anticipation of such rise is favoured but traders shud not get over-bullish ahead of G20 2-day meeting.