Mathematical analysis with Murray lines of USD/CHF for December 30, 2013
December 30, 2013 3:30 pm
Weekly chart: Today the USD/CHF pair continues to support the downward pressure that still seems to exist and may expect a further fall below 1/8 (line yellow) to the line 0/8 (blue line) which would be your last line of support in this time frame.
The Relative Strength Index RSI is still on 38.70 points at the time of this analysis. We might well expect this downward trend may be extended further to its extreme support line -2/8 that is at 0.8545. But we should be cautious in this area since the market is losing steam and anytime can experience a shift in the opposite direction.
Daily chart: In the daily chart the retreating vertex is formed by the two converging trend lines, line 3/8 (green line) below which the trend still remains bearish. Moreover, having pierced the bottom line of its trend channel, the price is likely to reach the minimum search again last might well find support on the line 0/8 Murrey during the following days we can continue to sell below 0.8911 certainly putting our stop loss about 20 pips on the line and with a possible gain of about 90 or 100 pips for a minimal risk of 3-1.
4-hour chart: Finally on the 4 hour-chart the USD/CHF pair rejoined below its weekly pivot, with the same line 2/8 (red line) Murrey lines would be at this time its next resistance which the price would have to overcome to eventually continue to rise, which we consider is unlikely. Moreover, rather believe that the price will continue down to find a floor that could probably be supported in the shared area between the first weekly support line 0/8 Murrey and its last delimited by red sideline support.
If you have any questions or suggestions, please contact:
No information published constitutes a solicitation, offer, or recommendation, to buy or sell any investment instrument, to effect any transactions, or to conclude any legal act, whatever its nature.
The information published and opinions expressed are provided on an only for information only and is subject to change without notice, delimiting the company responsibility for decisions originating from the same, and they cause any kind of profit, loss or damage.
The material has been provided by InstaForex Company – www.instaforex.com
Weekly chart: Today the USD/CHF pair continues to support the
downward pressure that still seems to exist and may expect a further fall below
1/8 (line yellow) to the line 0/8 (blue line) which would be your last line of
support in this time frame.
The
Relative Strength Index RSI is still on 38.70 points at the time of this
analysis. We might well expect this downward trend may be extended further to
its extreme support line -2/8 that is at 0.8545. But we should be cautious in
this area since the market is losing steam and anytime can experience a shift
in the opposite direction.
Daily chart: In the daily chart the retreating vertex is formed by
the two converging trend lines, line 3/8 (green line) below which the trend
still remains bearish. Moreover, having pierced the bottom line of its trend
channel, the price is likely to reach the minimum search again last might well
find support on the line 0/8 Murrey during the following days we can continue
to sell below 0.8911 certainly putting our stop loss about 20 pips on the line
and with a possible gain of about 90 or 100 pips for a minimal risk of 3-1.
4-hour chart: Finally on the 4 hour-chart the USD/CHF pair rejoined
below its weekly pivot, with the same line 2/8 (red line) Murrey lines would be
at this time its next resistance which the price would have to overcome to
eventually continue to rise, which we consider is unlikely. Moreover, rather
believe that the price will continue down to find a floor that could probably
be supported in the shared area between the first weekly support line 0/8
Murrey and its last delimited by red sideline support.
If you have any questions or suggestions, please contact:
Email:[email protected]
DISCLAIMER
No information published constitutes a solicitation, offer, or recommendation, to buy or sell any investment instrument, to effect any transactions, or to conclude any legal act, whatever its nature.
The information published and opinions expressed are provided on an only for information only and is subject to change without notice, delimiting the company responsibility for decisions originating from the same, and they cause any kind of profit, loss or damage.
The material has been provided by InstaForex Company – www.instaforex.com
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