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USD/CHF Daily Technical Outlook: January 16, 2013

ByAceTrader
AuthorAceTrader
Published 01/15/2013, 11:23 PM
Updated 01/01/2017, 02:20 AM
Last Update At

16 January 2013 02:12GMT

Trend Daily Chart
Sideways

Daily Indicators
Turning up

21 HR EMA
0.9281

55 HR EMA
0.9239

Trend Hourly Chart
Near-term up

Hourly Indicators
Overbought

13 HR RSI
68

14 HR DMI
+ve

Daily Analysis
Consolidation before marginal rise

Resistance
0.9418 - 38.2% r of 0.9972-0.9076
0.9384 - December 07 high
0.9346 - 61.8% r of 0.9513-0.9076

Support
0.9263 - Tuesday's Asian high
0.9218 - Yesterday's European low
0.9199 - Monday's NY morning resistance

USD/CHF - 0.9315 ... Despite USD's brief retreat from the Asian high of 0.9263 to 0.9218 in Europe on the initial cross unwinding in EUR/CHF, the price later rallied due to USD's strength against the euro together with renewed cross buying of EUR/CH. The pair penetrated 0.9302 resistance to a session high of 0.9333 in late NY.

Yesterday's breach of 0.9302 signals an erratic upmove from January's 8-month low of 0.9076 to retrace the intermediate fall from 0.9513 (November) and possibly the entire decline from the 2012 high of 0.9972 (July) remains in progress. Further gain to 0.9346 (61.8% r of 0.9513-0.9076) and possibly towards chart resistance at 0.9384 (December's high) is envisaged. However, high readings on hourly oscillators should prevent strong gains above the latter level. Reckon 0.9418, being 38.2% of 0.9972-0.9076, would cap upside and yield a much-needed strong retreat later this week.

Today, buying the USD on dips is favoured in anticipation of further headway towards aforesaid chart resistance at 0.9384. On the downside, a breach of 0.9263 (yesterday's Asian high, now support) would confirm that a temporary top is made and risk a stronger retrace to 0.9248 (38.2% r of 0.9111-0.9333) n possibly twds 0.9218 (yesterday's European low).
Spot USDCHF

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