Weekly Graphic
Starting a new week and a new month, the USD/CHF began rising from the area of 2/8 (red line), the same in this time frame becomes an important line of reversal and this day could be just the beginning of a continuation of the upward trend in the medium and long term. But now the next support will have to break in the line is 3/8 (green line) is the same as to be the basis of rank trend line on which it would confirm continuation of the upward trend and believe that's what will happen this month that begins today.
Both oscillators and trend strength show an upward direction and in the worst case scenario would risk our approximately 70 or 80 pips if we put these levels in purchase orders.
Daily Graphic
On the daily chart we see that the USD/CHF has already exceeded its weekly pivot that was at 0.9073 and currently is trading above the same with a likely first target 0.9118 where your R - 1. Noting the average daily movement of the pair is likely to day close below said support thus giving us another chance to enter to purchase positions for the next move of the day. Meanwhile it may be best to wait a little retraction to minimize our risk anyway because the couple is finding resistance at this time touching previous support levels of previous periods.
Graphic 4 Hours
The 4 hours chart was also noticed that in the last 8 hours of trading the USD/CHF finished first beating of his weekly pivot located at 0.9073 and then subsequently also overcame its 200 period moving average that was in 0.9081, and now it is in what could be defined as a new area of its range between S-1 and weekly pivot. We believe that the contribution ceiling for today could be delimited by its R - 1 as well as recommend waiting a retraction from these levels to enter purchase orders that minimize our risk.
If you have any questions or suggestions, please contact:
Email:antonio.inga@analytics.instaforex.com
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