Weekly Graphic
After a drop by almost 100 pips in just 8 hours of negotiation the Swiss franc has entered an sales area. In the weekly chart, we can see that the neutral line 4/8 (blue line) is 0.9277 on the current price level which is at 0.9264. On the other hand, the weekly pivot is at 0.9292 which gives us a high probability that the pair closed the week on a bearish candle very close to 0.9189 which houses the S-1 0.9155 weekly or even where the line 3/8 (green line) that is has to be the basis of their range of rates.
Daily Graphic
in daily charts, we can see that USDCHF is moving below the line 4/8 (blue line) which shows a probable fall line up 3/8 that becomes the basis of its trading range, with likely to find support at the uptrend line passing around 0.9180. The daily pivot is at 0.9301 which will also be a reluctance to take into account and we can place our stop loss at this level that is unlikely to achieve catch up on this last day of trading.
Graphic 4 Hours
4 hours charts look similar to USDCHF trading on the basis of its trading range set in 3/8 (green line) but the rebound will be limited by the line 4/8 (blue line) placed at 0.9277.
Moreover, both the oscillator and the oscillator strength of trend give us signals of continuation of the downward trend is likely to extend to 0.9155 which houses line 0/8 which would be your last line of support.
Therefore, our recommendation for Friday August 16 is:
Sell below: 0.9277
Stop loss in: 0.9301
Take profit in: 0.9180
