Daily chart
After macroeconomic data from Switzerland yesterday wich resulted in weaker-than-expected as the country's unemployment rate remains at 3.2% for the month of August. Meanwhile, July retail sales only grew an annualized 0.8%, which is a disappointment for those who were expecting a growth of 3.2%.
As a result, today the Swiss Franc continues to lose ground against the U.S. dollar and depreciation is likely to continue according to our Murrey lines analysis at least to 0.9521 since it is placed at the line 4/8 (green line) from entering the bullish terrain.
4H chart
As it is seen in the 4H chart, USDCHF shows a marked upward trend after finding support at its baseline, the trading band is currently at line 1/8 (yellow line) and amid its general trend is to the upside, this will come to be your closest support.
Since the pair currently trades about 60 pips above its minimum can say it is a good buy zone with a potential gain of 160 pips to 0.9521 and would place our stop loss just a few pips below the minimum 10 above.
1H chart
In the short term, taking into account the 1-hour charts can provide a slight retraction to redline uptrend and then get back on track to rise primarily to the 0.9399 area in this timeframe would be the top line of its trading range. Based on our analysis of the three charts, our recommendation for today is:
Buy above 0.9338 Stop loss: 0.9290 Take profit in the medium term: 0.9521
If you have any questions or suggestions, please contact:
Email:antonio.inga@analytics.instaforex.com
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