Daily Chart
Today the USD/CHF continues its upward trend and, as mentioned in our comment yesterday, came to the area of 0.9033 as the last peak was 0.9035 .
However taking into account that the line 4/8 of g, Murrey J is a key area of support and resistance, the price precisely unwinds this point and it is likely to close the day below that line, although at this time the pair have been already traded above the center line of the trend channel, however, you should wait for the end of the day to decide on the next move.
4-Hour Chart
In the figure of 4 hours we note that the USD/CHF is already at this time at a level of over purchase after a rise of more than 140 for only 2 days of negotiation. As we can note, the price at this time found a resistance below the 8/8 line (blue line); same as in this time frame that would be its last area of resistance. We can also note that this area is sort of double roof which is also an indication of a possible fall.
1-Hour Chart
Finally, in the 1 hour chart we also encountered a similar picture. After having lost the line force between 7/8 and 8/8, the USD/CHF continues trying to undermine the resistance in this area. However, the line 8/8 is considered as a last line of resistance; it is likely that the bulls are forced to go back at least to the base of its trading range, to the line 3/8 of g, Murrey J. However, this would occur during the next week, because a few hours of negotiation today.
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Email:antonio.inga@analytics.instaforex.com
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