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Daily сhart
It is expected today that the U.S. dollar will fall against the Swiss franc to hit the new minimum of 0.8832 dropping below its trendline. The medium-term view is uncertain, but when the price is below its trendline and below the line 1/8 (yellow line), it is possible that the Swiss franc will continue losing positions to get to the line 0/8 in the short-term. However, as there is a horizontal red line that serves as a support at 0.8838 together with the first weekly support at 0.8842, the price may go up.
4-hour сhart
On the other hand, the 4-hour chart shows that the USD/CHF is trading at the edge of its superior trendline since December 13 with support line at 2/8 (red line) of Murrey. At the moment, we are at an angle with the superior trendline channel. It is possible that 2 scenarios that we have already mentioned will be intact. The currency pair will be able to touch a new minimum at 0/8 and then rise to the new high. In addition, the price will be able to go up from this price zone.
1-hour chart
Finally, 1-hour chart shows that the pair may find its support at 3/8 line after touching the channel's superior trendline (green line), 7 pips away from its weekly support. Analyzing the chart, we can suggest that the lines of 3/8, 4/8, and S1 weekly may serve as important support areas that the currency pair may use as consolidation areas before a possible price reversal.
If you have any questions or suggestions, please contact:
email: antonio.inga@analytics.instaforex.com
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