Daily chart
We could see that USDCHF had a bullish momentum over 60 pips from its opening at 0.9102. We can also note that the line eighth (yellow line) is an important bottom, where the pair has found support. Previously, the 0.9155 area was a major resistance. Now there is the line 2/8 Murrey, where the pair may continue its ascent from the bottom line of its trading range which is located at 0.9216.
H4 chart
In the 4-hour chart USDCHF shows a clear uptrend channel above 0.9100б below which the 200-period moving average lies, therefore this will be an important area of support in order to place our stop loss below it. Therefore, we can expect the next targets of USDCHF would be at 0.9200 and 0.9300.
H1 chart
However, in the 1-hour chart we see a retraction likely from these levels after touching the top of your first trendline channel, it could continue at least to R-1, the same which is located at 0.9128 and then continue its upward trend.
Our recommendation: Based on the analysis, our recommendation would expect a retraction today to the 0.9130 levels in order to place a purchase order and thus minimize our risk. The stop loss at 0.9070.
If you have any questions or suggestions, please contact:
Email: antonio.inga@analytics.instaforex.com
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