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Daily chart
USD/CHF, during the first day of trading, managed to overcome the daily pivot line at 0.8953, and currently it is trading at 0.8962 with a high probability to continue the ascending until its next resistance at 0.9033, where the line of 2/8 Murrey lines. However, since in the forex market, there is no guarantee of anything, be ready for a retraction below 0.8950 and expect a further fall to 0.8911, which we consider unlikely to occur.
H4 chart
In the 4-hour chart we see that USD/CHF is trading at this time very close to the line of 3/8 (green line), considered the same as the bottom line of its trading range and in this case acts as significant resistance. On the other hand, to find that line very close to the top line of the downtrend channel is possible to find again a stand on.
0.8911, however if the line exceeds 3/8, would be entering a clearer upward area.
H1 chart
The 1-hour chart shows that all day yesterday the USD/CHF pair has remained at its 200-period moving average and above its daily pivot line. On the other hand, the oscillator strength is also bullish, and it appears that the price will continue to rise the second day. No data is coming from Switzerland this day, however if data from the U.S. that markets undoubtedly move in any direction. Therefore, our recommendation for today is still buying above 0.8950. Our stop loss at 0.8890 should hold.
If you have any questions or suggestions, please contact:
Email:antonio.inga@analytics.instaforex.com
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