Category Archives: Forex News

Dollar Index Technical Analysis: H&S breakdown seen, rising T-yields could cap downside

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  • The daily chart of the dollar index (DXY) shows a head-and-shoulders breakdown – a bearish reversal pattern- which indicates the rally from the February low of 88.25 has likely ended and the bears are back in a commanding position.
  • However, the breakdown could be a trap as the greenback tends to perform well in the fourth quarter.
  • More importantly, the 10-year treasury yield printed a four-month high of 3.06 percent and could revisit yearly high of 3.13 percent, now that it has found acceptance above key resistance of 3.02 percent (July high).

Daily chart

Spot Rate: 94.55

Daily High: 94.69

Daily Low: 94.53

Trend: Cautiously bearish

Resistance

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R1: 94.66 (neckline hurdle)

R2: 95.00 (Sept. 14 high)

R3: 95.50-95.60 (multiple daily highs)

Support

S1: 94.30 (previous day's low)

S2: 94.00 (psychological support)

S3: 93.71 (July 9 low)

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USD/CHF Technical Analysis: USD/CHF finds support at 0.9600 figure and rebounds

  • USD/CHF is having a bullish pullback in the main bear trend.
  • USD/CHF is rebounding after it found support at the 0.9600 figure. It is currently testing 0.9650 resistance (August 29 low). If the bulls manage to break through it the next resistance level can be located near the 50-simple moving average and the 0.9700 figure. 
  • The main trend remains bearish so the pullback up might be limited. 

USD/CHF 4-hour chart

Spot rate:                       0.9650
Relative change:            0.25%     
High:                              0.9652
Low:                               0.9599

Main trend:                    Bearish
Short-term trend:           Bullish 

Resistance 1:                0.9650 August 29 low 
Resistance 2:                0.9700 figure
Resistance 3:                0.9745-47, August 28 low, 200-day simple moving average
Resistance 4:                0.9768 September 4 swing high
Resistance 5:                0.9788 June 7 swing low (key level)
Resistance 6:                0.9807 August 22 low 
Resistance 7:                0.9820 August 25 low

Support 1:                     0.9580-0.9600 April 17 low, figure
Support 2:                     0.9500 figure
Support 3:                     0.9400 figure

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