Weekly chart
Although it was expected that USD/CHF would close the week above 0.9100, the currency pair reached a new low of 0.9065 to close at this level. However, as we can see in the weekly chart, the U.S. dollar has gained ground and has already recovered almost 50% of what it lost last week, so a continuation of the upward trend in this last week seems evident. Moreover, we will get more confirmation for the uptrend when the price exceeds line 3/8 (green line) the same as it is considered the bottom line of its trading range and the couple would be entering a bullish zone.
Daily chart
The daily chart shows a similarly bullish trend continuation or long-term outlook for USD/CHF. Today the U.S. dollar recovered almost 80% of its last Friday loss and is located on its daily pivot placed at 0.9093. This time USD is looking for resistance at its R-1, however, given the purchasing power that seems to exist, is quite possible that this increase would expand to its R-2, the same as on line 3/8 (green line). A second scenario might imply a slight decline to its daily pivot to continue rising above this level.
4-hour chart
Finally, on the 4-hour chart depicts USD/CHF on its 200-period moving average which is currently being supported by its weekly pivot. This scenario voids a medium-term uptrend with two objectives which in this case would be the weekly R-1 which is located at 0.9148 and R-2 located at 0.9232 weekly.
Moreover, we also note that the MACD mometum gives some bullish signals to enter the market with buy positions and with a risk of 60 pips from the current level of 0.9107.
If you have any questions or suggestions, please contact me via email: antonio.inga@analytics.instaforex.com
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