USD/CHF Daily Technical Outlook: January 8, 2013
AceTrader | Jan 08, 2013 02:36AM ET
08 January 2013 02:05GMT
Trend Daily Chart
Sideways
Daily Indicators
Turning up
21 HR EMA
0.9231
55 HR EMA
0.9239
Trend Hourly Chart
Up
Hourly Indicators
Falling
13 HR RSI
38
14 HR DMI
-ve
Daily Analysis
Consolidation with downside bias
Resistance
0.9302 - Last Friday's high
0.9258 - Yesterday's hourly resistance
0.9232 - Last Friday's low, now resistance
Support
0.9200 - January 02 high
0.9176 - Last Thursday's low
0.9136 - January 02 European res
- USD/CHF - 0.9212 ... USD went through a "roller-coaster" session yesterday despite an initial rise to 0.9286, failure to penetrate last Friday's high of 0.9302 triggered profit-taking n price then nose-dived to 0.9211 in late NY session and then 0.9206/07 in the Australian morning today.
- Yesterday's sell-off signals the corrective upmove from last Wed's 8-month low of 0.9076 has indeed made a top at 0.9302 on Friday and a few days of "choppy" consolidation with downside bias is in store for weakness to 0.9176 and possibly toward 0.9162 (61.8% r of 0.9076-0.9302). However, a daily close below 0.9136 (previous resistance, now support) needed to confirm the correction has indeed ended n yield resumption of MT downtrend fm 2011 Jul's high at 0.9972 to re-test aforesaid low, below wud encourage for further weakness to 0.9043 n then towards previous daily chart support at 0.8932 (Feb) later this month.
- Today, in view of current bearish scenario on dlr, selling on recovery is recommended n only a breach of 0.9286 wud signal the pullback from 0.9302 is over instead n bring another upmove to 0.9302 n 0.9346 (61.8% r of 0.9513-0.9076).
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