FX.co ★ Mathematical analysis with Murray lines of USD/CHF for January 22, 2014

Daily chart

In the daily chart, we can see that the USD/CHF is hovering around the same position for the third day in a row. However, we could observe few moments yesterday when it tried to break its strong resistance at 0.9155. So far the price had no more momentum to prove it again. At the moment, it is in the corner formed by the two trend lines and is likely to end up breaking its red line bullish as well as the 5/8 line (green line) and it is possible to expect a fall to 0.9033.

4-hour chart

In the 4-hour chart, we have the head shoulder shoulder pattern, which has been formed under its first weekly resistance and under its first top line channel bearish trend. Not far from the current price at 0.9068 there is is its weekly pivot which is now also its support. It is therefore possible to expect in the remainder of the day the USD/CHF to end up doing range in this area before taking a new momentum in any direction.

1-Hour Chart

Finally, the 1-hour chart shows us the USD/CHF below its moving average of 200 periods and which is very close to the bottom line of its bearish trend channel. As we mentioned in the above chart, this makes us expect it to move in this area doing a range of high and low with a high probability of bearish trend. Also, we should take into account the fact that between today and tomorrow there will be no macro-economic data releases that could directly affect the Swiss franc.

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Email:antonio.inga@analytics.instaforex.com

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