FX.co ★ USD/CHF - Mathematical analysis with Murray Lines for November 12, 2013

Daily chart

For two consecutive days the pair tried to breach 0.9277, where the line 4/8 (blue line) Murrey Lines is located, but failed. USD/CHF has been falling again and is very close to its support located at 0.9155 where probably it will resume its upward path. So we think this is a good time to go with buying positions since the risk factor is much lower and the chances of winning are much higher.

4-hour chart

In the 4-hour chart we can also observe as USD/CHF retreated from the line 7/8 (yellow line), that is considered to be a weak resistance line. However, when the price stops around these levels there are the chances of a retraction. At this time the pair moves steadily towards its next support line which is located at 6/8 in this time frame, which in turn is below its trading band. However, we believe that 0.9155 is the next basis from which it will ascend.

1-hour chart

In 1-hour chart we can see that USD/CHF rose to the top line of the trading range that is at 0.9232. However, the bulls could not resist the force of the bears and had to give in and again we have a bearish picture below its range line 3/8 and below its 200-day moving average. However, this fall should stop around the line 0/8 which would be its next support line.

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Email:antonio.inga@analytics.instaforex.com

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