Daily chart
The USD/CHF pair hit a new low during the yesterday's session and, as we previously mentioned, the fall may extend down to line 2/8 (red line) or even a weekly support, until it reaches 0.9023. Also the bottom line of its trend channel along with the S-2 weekly continues to be a distant goal, however this scenario may occur as long as the seller keeps force which seems to be so when we observe both oscillators as force trend, however everything depends on the Wednesday session close.
4-hour chart
According to the 4-hour chart, the next target is at 0.9023 where we found a weekly support S -1 plus the price is currently trading below its moving average three lines of different periods. Although the MACD and momentum indicators are in oversold areas, there may be the signs of a turnaround. No relevant data for today from Switzerland, so the movements of the couple will depend on the U.S. dollar.
1-hour chart
Finally an 1-hour charts shows that USD/CHF is currently on its weak support line and the yellow line of 1/8 of it probably has to be breached and prices could continue to fall below targeting line 0/8 (blue line) and its 0.9064 resistance line 2/8 (red line). However, if the price stays for a few more hours on this line 1/8 it can be the sign of a recovery at least until its base trading range that is at 0.9079 which also crosses its uptrend line that was violated hours after the last drop.
If you have any questions or suggestions, please contact me via email: antonio.inga@analytics.instaforex.com
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