Weekly graphic
USD/CHF is trading at 0.9288 now after having broken a major support zone located at 0.9277 with the line 4/8 (blue line) during the previous week. This allows us to see that the pair is still in a sales area, plus the minimum reached during last week was 0.9173.
Since line 3/8 of Murrey lines, is has to be the basis of quotation range and line 4/8 in this case becomes an important resistance, we can wait, at least, for next few days, firstly a decrease to 0.9155 for a likely fall to 0.9033 where the line 2/8 (red line) is located and in this case would come has to be a strong line reversal.
Let us also note that both the oscillator strength, as well as the trend oscillator, are in a sales region.
Daily Graphic
In a day sails we can see that USD/CHF has experienced small shrinkage during Friday's session after touching the base of its uptrend channel.
But today a few hours of negotiation below the opening price and the center line of a secondary channel clear downtrend. Therefore, we think that seek to break the minimum price achieved during Thursday's session that was at 0.9173 to record a new low this probably around 0.9155, an area where the line is located just 3/8 (green line) math lines Murray.
Since the line 3/8 becomes the basis of the trading range, if we sell at current levels, we can get out in that area with a take profit and wait for a new retraction in order to enter aiming selling 0.9033
Graphic 4 Hours
Finally, in 4 hours chart USD/CHF is trading at 0.9236 now, below the 3/8 (green line) Murrey lines which is located at 0.9247. If we consider that when a stock or currency is below the 3/8 it is a clear sell signal according to Murray's theory and taking into account that in 0.9240 observe an important resistance line, technically we can expect the pair continue its downtrend with targets around 0.9186 and 0.9155.
Also keep in mind that the forecast retail sales is expected for the next hours it is positive for the Swiss franc, which of course can influence the appreciation of the Swiss currency.
Therefore, according to our analysis, our recommendation for Monday August 12 is:
Sell bellow: 0.9247
Stop loss: 0.9277
Take profit: 0.9155
