Daily chart
Driven by positive data from the U.S., the dollar began to gain ground against its counterpart, then that during the session on Thursday it found support in the 0.8950 area, where its weekly pivot is located. So far this day the USD/CHF pair has moved over 70 pips and it seems a clear confirmation of a trend change over time. The line of 2/8, which is located at 0.9030, will now be its next support and while the price does not fall below these levels we can expect a rise in the near term to 0.9155 and 0.9170.
4-Hour chart
But watching the 4-hour chart we notice that this morning the USD/CHF pair was trading around 0.9061 and 0.9064, green line 5/8 Murrey. The same that is regarded the top line of your trading range, so it is likely that from this area may be a slight shrinkage that can reach 0.9033 where your neutral line 4/8 (blue line) and then continue their ascent.
So our tip for today: Buy above 0.9030 with a stop loss at 0.8990 and a potential gain of at least 200 pips in the medium term.
If you have any questions or suggestions, please contact:
Email:antonio.inga@analytics.instaforex.com
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