fxpulsation
Posts : 8759
Join date : 2012-01-25
 |  Subject: USD/CHF Daily Outlook  Tue Jan 21, 2014 1:34 pm | |
|  USD/CHF Daily Outlook Daily Pivots: (S1) 0.9079; (P) 0.9106; (R1) 0.9123; More... Intraday bias in USD/CHF remains mildly on the upside for the moment. The rebound from 0.8799 should be resuming for 0.9249 resistance next. 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. Break of 0.9249 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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