Daily Chart
The USD/CHF trading began today with a small gap on the market. At this time it keeps rising, and is located on top of your 3/8 line (green line) of g, Murrey J, the same that is, as we all know the bottom line of its trading range.
The blue line of 4/8, which is located in 0.9033 zone, is a very important to take into account, because at the time it overcomes this area we will have a confirmation of its upward trend. On the other hand, we can also expect a decline from 0.9033 to 0.8970 as a consolidation area and entry for new buyers.
4-Hour Chart
In the terms of 4 hours, the USD/CHF at the moment is above its 200 moving average periods, which is another indication of the purchasing power that exists at this moment and the price is directed with force to the point of the line 8/8 (blue line) that would be your last line of resistance in this time frame. It will then step back a bit and continue climbing in the next few days.
1-Hour Chart
Finally, on the 1 hour chart, we can see that the index of relative strength RSI is at higher levels than those of 80 points, and on the other hand the price is very close to two areas of support. First we have the 4/8 line (blue line) that in this scenario is a neutral zone that can push prices lower. Secondly, we have the top line of your channel of trend which will also put downward pressure and can lead the prices to jump even higher to 0.8911.
If you have any questions or suggestions, please contact:
Email:antonio.inga@analytics.instaforex.com
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