Daily chart
The USD/CHF scored again a new low in 0.8983 so far in today's session, however, only to retract from these levels and allow a large wick below the lower trend channel line. In closing today above its supports one found in 0.9016 we could end up with a candlestick pattern man hung the same as we would be providing a new reversal signal by the couple for several days been experiencing resistance have been making new lows. Although the oscillator strength seems to show weakness, however oscillator trend still remains bearish direction so that at this point would be a bit risky to enter long positions, however from 0.9033 if it might be a good opportunity. Meanwhile, waiting is preferred as below the line 4/8 would be the predominant bearish outlook.
4 hour chart
In the 4 hours chart yesterday after the fall of its trend channel again turn bearish and the price is below its moving average 3 lines in different periods. Although finding support seems to come in his weekly support 1 which is located at 0.9016, however the price may attempt to prove his weekly support 2 which in fact during the early hours of today came close again. Buying at these levels would be very dangerous since more than twice the price again violated its previous lows.
1 hour chart
Finally, in figure 1 hour the USD/CHF after this last hour of trading is showing signs of rebound as it has broken the top line of the trend channel and although it exceeded the level of 0.9033 which as already mentioned is considered an important area of support and resistance, however in its weekly pivot 0.9073 have the same must certainly be taken into account and that the price would have to exceed for a confirmation of a probable change in trend. Meanwhile, the outlook at this time is uncertain and caution until more clarity, probably at the end of this day, is advised.
If you have any questions or suggestions, please contact me at:
antonio.inga@analytics.instaforex.com
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