Daily chart
Despite having closed below line 3/8 (green line), which seemed to indicate that the correction could last a little longer and maybe even quickly, so far during today's session the U.S. dollar is recovering its losses to place the pair back above the bottom line of its trading range and therefore converted back into its holder, which seems to have ended after the correction step of 0.9125 reached the minimum during yesterday's session.
4-hour chart
The 4-hour chart also presents a bullish outlook as having found support at 0.9125 which houses green line 3/8 which comes to the bottom line of its trading range for the USD/CHF pair. This morning again it entered a buy zone ranking above 0.9155 again. As mentioned above, we believe that this level of 0.9150 is a psychological price, which has acted as support and resistance. On the other hand, we also have the trading band and how we can see the green line bottom of this band is precisely at 0.9155, which also gives us a high probability that the price will continue to increase.
1-hour chart
Finally the 1-hour chart shows the USD/CHF pair within a bearish channel, which in turn is a major channel, which is slightly bullish. As can be seen, after touching the top line of the larger trend channel, the price retreated to touch 0.9155 level. However, although sometimes slightly exceeded what was yet again placed above this and not get to just touch the center line of the channel, so consider buying force remains strong and safe the dollar strengthened.
Therefore, our recommendation based on the analysis of the three graphs is that we can enter into buy positions above 0.9155 with pretty tight stop loss just below the low reached during the session yesterday and we could place at 0.9110 and our take profit could be at 0.9270.
If you have any questions or suggestions, please contact: Email:antonio.inga@analytics.instaforex.com
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