Monthly chart
In our monthly chart USD/CHF seems to have found major resistance at 0.9200 where there is the first monthly resistance.
The dollar dominated the American session last Friday. As a result of the employment figures it was rather surprisingly. Analysts expected figures were weak as a result of temporary government shutdown in October, but we note that despite the contraction of the public sector, the private sector offsetting losses in this sector.
So in October U.S. non-farm payrolls are at 204K vs. 121K expected.
U.S. unemployment rate rises from 7.2% to 7.3% but on lower participation rate.
Weekly chart
On the weekly chart we see a slight retraction, which seems logical after having climbed over 300 pips in the last two weeks. However, at this point the price is on the centerline of its trend channel and its next support is at 0.9155 which we consider is unlikely to be overcome in case it was about to touch the following days the line 3/8 (green line), which becomes the bottom line of its trading range and above it the trend is considered to be bullish. On the contrary, we believe that in the next few days the price anger in search of its next resistance is at 0.9277, so we can keep our buying positions.
Daily chart
Finally, the daily chart also shows a similar scenario, with the price trading above the line 3/8 (green line) and with increasing oscillator strength, oscillator will clear upward direction. The next objective of the USD/CHF pair should be to overcome neutral line 4/8 (blue line) in the coming days, thus it would be consolidating its uptrend.
Our Tip: Based on our analysis of the three charts, our suggestion for today and the next few days is:
Buy up to: 0.9155
Stop loss in: 0.9140
Take Profit at: 0.9400
If you have any questions or suggestions, please contact: Email:antonio.inga@analytics.instaforex.com
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