Daily chart
During the session last Friday, the Swiss Franc unlike most major currencies lost ground against the dollar, though managed to stay firm above 0.9100, which becomes an important area of support and counseling. Although there were no published reports of Switzerland on Friday, the Franc continues to enjoy the support of the SNB optimistic statement earlier in the week.
For today, SNB President Thomas Jordan speech’s should shed more light on why the central bank recently upgraded its growth forecasts for the Swiss economy. It could provide a new impetus for the French taking it to 0.9033 or even 0.8911.
On the 4-hour chart, however, we note that the line is 0.9094 5/8 (green line) that would be your area of support, according to Murrey lines because it is the top line of the trading range. Thus, an income below this level would indicate admission to a range and consolidation area between lines 5/8 and 3/8 which may eventually reverse its rising trend.
1-hour chart
On 1-hour chart we can see two channels in different tempos trend and the movement of the next few hours will provide us with more information. First, the breakdown of the top line of the trend channel above 0.9155 we would be showing the entrance to a wider range area as it would be positioned above 0.9155. On the other hand, the breaking of the bottom line of its sideways trend channel in September besides the previous low around 0.9085 could be indicating a continuation of the downtrend.
If you have any questions or suggestions, please contact: Email:antonio.inga@analytics.instaforex.com
DISCLAIMER No information published constitutes a solicitation, offer, or recommendation, to buy or sell any investment instrument, to effect any transactions, or to conclude any legal act, whatever its nature. The information published and opinions expressed are provided on an only for information only and is subject to change without notice, delimiting the company responsibility for decisions originating from the same, and they cause any kind of profit, loss or damage.