FX.co ★ USD/CHF

Technical analysis of the movement of the USD/CHF currency pair on the daily chart, supported by the Murray indicator, indicates that last week the bears managed to interrupt the upward wave. Bulls failed to reach the top of the Murray regression channel at 5/8 (0.8118) and claim further development of the uptrend. However, let's observe the further price behavior in this currency pair, as there is another point to pay attention to. The daily stochastic indicator has almost reached its boundary, decreasing much faster than the USD/CHF price. Thus, by the end of Friday's trading, the USD/CHF pair remains at the level of 0.8034, which is still above the 14-period moving average line and, accordingly, above the bottom of the Murray channel at 3/8 (0.7996). Therefore, the pair cannot switch to a downtrend according to the rules of using the Murray indicator. Comparing the facts, it can be said that the bears are ready to continue moving downwards, perhaps until touching the bottom of the regression channel. From there, a new wave of growth for USD/CHF should follow, and we will need to monitor the new efforts of the bulls in an attempt to retest the top of the Murray regression channel at 5/8 (0.8118). A breakthrough there will confirm the further development of the uptrend structure that began on September 16 of this year.