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Daily chart
Today the USD/CHF pair continues its uptrend. Although the Swiss GDP came out better than expected it made no impression. This may be due to growth remains slow. To this day there are no data that directly affect the franc, however we must remain attentive to what happens to the U.S. dollar counterpart.
Meanwhile, the pair is trading at 0.9371 currently, moving slowly towards the line 5/8 (green line) which becomes the top line of its trading range. It could turn it back a little in order to continue its upward path in the medium and long term.
4-Hour chart
In 4-hour chart we see a depletion in purchasing power since the oscillator strength is decreasing and the trend oscillator indicates a possible decline in the price of the Swiss franc against the U.S. dollar.
Moreover, prices have stopped at line zone 7/8 (yellow line) Murrey lines, which could be an indication of a likely reversal that could lead to at least 0.9308 where the line 5/8 in this period of time is located; it would be its support because it is the top line of its trading range.
But there is also the possibility of buying power remains strong and drive the prices of 0.9399 to 0.9460 take up online where the +2/8 overrun end zone.
1-Hour chart
Finally on the 1-hour chart we see the USD/CHF is in overbought zone, according to channels ranging trend and its R-1 and its daily pivot. It is likely that when the trend channel is broken, prices on 1-hour chart move at least until the area around the S-2 which is the center line of the trend channel on a higher time frame.
Since we do not see a clear signal to buy or sell, we do not recommend any input, since in any case we believe that there is a good relationship between risk and reward and in any case suggest leaving the end of the day in order to perform new calculations that may offer better benefits.
If you have any questions or suggestions, please contact:
Email:antonio.inga@analytics.instaforex.com