Home Correction trading Daily Technical and Trade Outlook – USD/CHF

Daily Technical and Trade Outlook – USD/CHF

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Daily USD/CHF Technical Outlook

Last updated at April 20, 2022 01:13 GMT.

Daily trend chart

At the top

Daily indicators

Rising

21 HR EMA

0.9341

55 HR EMA

0.9326

Trend hourly chart

At the top

Time indicators

Bearish divergences.

13 HR RSI

63

IMD 2 p.m.

+ve

Daily analysis

Resumption of the recent upward movement.

Resistance

0.9650
0.9575
0.9551

Support

0.9491 – European high for Tuesday (now sup).
0.9466 – Asian high on Tuesday (now sup).
0.9434 – Tuesday low.

USD/CHF – 0.9530.. The greenback continued its recent winning streak despite falling to 0.9434 at the New York open, the price resumed its longs and hit a new 21-month high at 0.9523 in tandem with US yields near the close.

Overall, dlr’s impressive rise from January’s nearly 6-year low of 0.8758 to 0.9472 on April 1 due to the rally in US yields suggests an erratic fall from 1.0344 (2016 peak) to retrace LT’s rise from the 2015 all-time low at 0.7360 may have ended n price is on its way to 0.9551 (50%r). That said, the dlr’s decline to a 3.5 month low at 0.8927 in early June on widespread signals of usd weakness to the upside of 0.8758 has peaked. Dlr abv 0.9342 to 0.9460 mid-March rally would retest 2021 peak at 0.9472, abv would encourage further advance towards 0.9551. Only a daily close below 0.9196 indicates that the top has been reached and risks a stronger retracement to 0.9151, breakout, 0.9093 at the end of April.

Today, as the current price trades between 9pm and 55am, suggesting that the bullish bias remains for a gain at 0.9575, the “bearish divergences” on the hourly indicators would cap the price below 0.9650 res and would lead to a correction later. Only a daily close below 0.9466 can risk a stronger retracement to 0.9434, breakout, 0.9407/12.