USD/CHF – Mathematical analysis with Murray Lines for November 08, 2013
November 11, 2013 9:30 am
Daily chart
After several days of doing ranges the USD/CHF pair yesterday had a spike to the upside, this led to 92.49, however quickly in the next 4 hours the dollar lost everything it had won to stand back below of 0.9155. Today, however, the price continues to climb above 91.55 again so that its next target would be at 0.9277, where there is neutral trading range. Meanwhile, the fact that the price is above the line of 3/8 could suggest it is a confirmation of the start of an upward trend in the medium and long term.
4-hour chart
On the 4-hour chart we can see that the USD/CHF pair, after the last two bullish candlesticks of this day, is finding resistance at 0.9216 area, where there is the line 7/8 (yellow line). Since it is considered a weak resistance zone it is possible that the price will overcome this area to continue to 0.9277 as mentioned in 1-day chart, however we must be aware that being in this area a sharp reduction is possible from 0.9277 as from October 22 to start its rise in the USD/CHF pair has not had a significant break.
1-hourchart On the 1-hour chart we see the USD/CHF pair is trading at overbought, because on one side there is the downtrend line. On the other hand, we also have the second top line (red line), this time located at 0.9244 and finally we have the line of 7/8 that although is considered as a weak resistance line. Despite having acted during yesterday’s session as a resistance that drove the prices downward may today may happens the same and the second time the dollar is testing this area and even if it can overcome very close just 30 pips its last resistance area 8/8 (blue line). So since we are on the last day of the week and benefit risk factor is in our favor not suggested any entries for this day.
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
Daily chart
After several days of doing ranges the USD/CHF pair yesterday had a spike to the upside, this led to 92.49, however quickly in the next 4 hours the dollar lost everything it had won to stand back below of 0.9155. Today, however, the price continues to climb above 91.55 again so that its next target would be at 0.9277, where there is neutral trading range. Meanwhile, the fact that the price is above the line of 3/8 could suggest it is a confirmation of the start of an upward trend in the medium and long term.
4-hour chart
On the 4-hour chart we can see that the USD/CHF pair, after the last two bullish candlesticks of this day, is finding resistance at 0.9216 area, where there is the line 7/8 (yellow line). Since it is considered a weak resistance zone it is possible that the price will overcome this area to continue to 0.9277 as mentioned in 1-day chart, however we must be aware that being in this area a sharp reduction is possible from 0.9277 as from October 22 to start its rise in the USD/CHF pair has not had a significant break.
1-hour chart
On the 1-hour chart we see the USD/CHF pair is trading at overbought, because on one side there is the downtrend line. On the other hand, we also have the second top line (red line), this time located at 0.9244 and finally we have the line of 7/8 that although is considered as a weak resistance line. Despite having acted during yesterday’s session as a resistance that drove the prices downward may today may happens the same and the second time the dollar is testing this area and even if it can overcome very close just 30 pips its last resistance area 8/8 (blue line). So since we are on the last day of the week and benefit risk factor is in our favor not suggested any entries for this day.
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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