Weekly chart
The USD/CHF pair has reached a new low at 0.9079 during Wednesday's session. It seems to have found an important area of support in this area as in the monthly chart 0.9045 is its monthly pivot. Thus, we can see in the daily chart as the pair retreated to 0.9155 which was mentioned. A major resistance area must transfer the price to resume its long-term uptrend.
Daily chart
The daily chart also seems to show a depletion correction, the USD/CHF pair is currently above daily pivot and hovering over the green line 3/8 (green line) that also in this time frame becomes its bottom line of the trend channel. At the time of closing we would confirm that an overview is bullish. However, we believe it is a good time to place purchase positions with minimal risk placed below the daily pivot.
4-hour chart
On the 4-hour chart we have a picture very different from yesterday's session because on one side the moving average is below the current trading price on the other hand also the pair is trading above the line 4/8 (blue line) which is the same as a neutral zone and above this the prevailing trend is bullish. On the other hand, although the top line of your trading band is very close to the current price, however has not been strong enough to push prices even until its center line (blue line) so you notice a clear depletion of the sales force and seems to have reached the stage of correction here. Therefore, it is recommended to buy positions above 0.9155 with a stop loss at about 20 pips below its current minimum 0.9125.
If you have any questions or suggestions, please contact:
Email:antonio.inga@analytics.instaforex.com
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