fxpulsation
Posts : 8759 Join date : 2012-01-25
| Subject: USD/CHF Daily Outlook Mon Jan 20, 2014 2:16 pm | |
| USD/CHF Daily Outlook Daily Pivots: (S1) 0.9056; (P) 0.9088; (R1) 0.9132; More... The breach of 0.9127 suggests that rebound from 0.8799 is resuming. Intraday bias is back on the upside. As noted before, we're preferring the case that whole decline from 0.9838 has completed with bullish convergence condition in daily MACD, at 0.8799. Further rise should be seen to 0.9249 resistance next. Break should confirm near term trend reversal. On the downside, below 0.9031 minor support will dampen the bullish view and turn bias back to the downside for 0.8986 support and below. In the bigger picture, USD/CHF is limited below both 55 weeks and 55 months EMA for the moment. The correction pattern from 0.9971 could still extend lower. Sustained break of 38.2% retracement of 0.7065 to 0.9971 at 0.8861 will extend the fall to 50% retracement at 0.8518. Nonetheless, rebound from the current level, followed by break of 0.9249 resistance will indicate that the consolidation pattern might be completed and would turn outlook cautiously bullish. | |
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