Weekly chart
We note that USDCHF after a movement of almost 200 pips during the previous week at this time begins to rise slowly taking to the support line eighth which comes from reverting to a possible next target 90.33.
During the next few hours and the banking company UBS SA Financial publish its monthly financial report based on 5 positive economic indicators and forecasts are expected in the Swiss currency with which the pair would move to line 2/8 Murrey lines.
Daily chart
Meanwhile, at the daily chart we can see that in order for the USDCHF pair continues its upward trend, it must pass the line 3/8 (green line) of lines Murrey since it becomes the basis of their trading range. Otherwise, the price could fall back below it at least weekly until Pivot line found in 0.8931. For this reason our recommendation would be that if you decide to enter the market should do buying above 0.8972 in order to minimize risk. Although the opposite scenario could occur, we do not suggest to sell at these levels.
4-hour chart
Finally in the 4 hour chart we can see the USD/CHF pair is moving in an uptrend channel after touching the center line of the channel in what could be a setback since the low reached during Friday it failed to pass 200 moving average periods that even now it would be its next support. On the other hand, the Relative Strength Index RSI is above 60 which is telling us that even the USD/CHF pair has to be done in bullish direction. However, as mentioned in the above chart our suggestion would enter only above 0.8972.
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Email:antonio.inga@analytics.instaforex.com
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