Daily chart
October 3 Thursday was another positive day for the Swiss franc, and it got to be up at least slightly stronger with the breach at 0.8967 and found support at 0.9000. However, for this time of Friday morning seems to return everything earned during the session yesterday, and its upward trend is being slowed by the 0.9033 support area, which houses the line 2/8 (red line). Since today is the last day of the week and there is no relevant data that can move the market significantly, it is possible that USD/CHF finished the session in this area range between 0.9000 and 0.9033. Although it is also possible that above the line 2/8 the dollar can gain to the level of 0.9155.
H4 chart
In the 4-hour chart also note that the uptrend of the USD/CHF is limited by line 4/8 (blue line) in this time frame, being that this level along the lines of Murrey becomes a major resistance zone, which is possible that in the next few hours we have a retraction of the possibly to baseline its trading range. The second scenario would be that the pair continue its bullish momentum breaking these levels of 0.9033 and with a likely target at 0.9094, however this potential upside will be limited by the top line of its trading range at 0.9064, which is located where the line 5/8 (green line) is.
H1 chart
Finally, the 1-hour chart shows USD/CHF in a clear uptrend trading above its 200-period moving average and the 0.9100 resistance. Moreover, both the oscillator strength and oscillator trend show that the uptrend is in its infancy and would be a good opportunity to get up buying 0.9033.
Our recommendation: Based on the above analysis, our recommendation for Friday is: Buy above 0.9033. Stop Loss at: 0.8990. Take Profit at: 0.9100.
If you have any questions or suggestions, please contact:
Email:antonio.inga@analytics.instaforex.com
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