Weekly chart
As we mentioned in our discussion earlier, the correction phase of USDCHF continues extending below 0.9155, currently, at 0.9110, well below the 3/8 (green line) and also under the centerline of its trend channel; and watching our chart looks like this will continue extending at least until 0.9033 where the historical support is much stronger. Both the oscillator strength and the trend we are showing bearish signals in the medium term, this scenario only exchange when the price exceeds 0.9155, while we do not recommend buying positions.
Daily chart
The daily chart also shows us a medium-term bearish scenario, because after opening the session after yesterday's bearish move below daily pivot, USD/CHF is also currently below 0.9118 and would have to overcome the least three levels of resistance, so that the picture changes. Meanwhile we believe that downward pressure will continue to find a strong support at least at S - 3, which is located at 0.9051. So if we want to operate in the short term, it would be a very good option to sell below 0.9118 and the very tight stop about 20 pips.
H4 chart
In 4-hour chart USD/CHF is trading below its centerline of its trading band and now is facing resistance at its 200-period moving average. Although only a few pips is 0.9094 red line 2/8, it is possible that the pair looks again at least below its previous low of 0.9079 which could lead to its support line at 0.9033 where the line 0/8 (blue line) is considered as last stand.
If you have any questions or suggestions, please contact: Email:antonio.inga@analytics.instaforex.com
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