USD/CHF – Mathematical Analysis with Murray Lines for October 11, 2013
October 11, 2013 2:15 pm
Daily chart
After three days of the continuous upward move, today the Swiss Franc is recovering against the dollar and has already advanced almost 40 pips from the market opening. It happend after the price reached the weekly resistance zone (R-1). On the other hand, to be below the line of 1/8 (yellow line) located at 0.9094, it stands fbearish again with a high probability of continuing its decline to 0.9039/0.9033, where there is the line 0/8 lines Murrey. But this morning is finding resistance at 0.9075, so also the other possibility is that the day is in a range between 0.9064 and 0.9094.
H4 chart
In the 4 hours chart USD/CHF is trading below its line of 6/8 (red line) of Murrey math lines, the same that is considered a safe zone reverse, then gives infringed range area had been created between the line 6/8 and 7/8. Since its daily trend is downward, you may follow the Swiss franc gained ground to the area of the line 5/8 (green line) located at 0.9064, and in turn this line has to be the top line of your range contribution and that during today’s trading, it will be an important support area to consider. Something that we must also take into account is that this level coincides with the bottom line of their uptrend channel to where the price move today.
H1 chart
Finally, the 1-hour chart shows USD/CHF in a clear short-term downtrend trading below its 200-period moving average and daily support at 0.9062.
On the other hand, the price this morning is below the line of 3/8 (green line) that came to be the bottom line of its trading range and found the price to go below these levels. It could continue to line 2/8 (red line) that would reverse point to consider in this time frame.
Our recommendation: Since today is the last day of the week and we did not observe a significant route for an order that could put at these levels, our suggestion is to refrain from placing any order.
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 three days of the continuous upward move, today the Swiss Franc is recovering against the dollar and has already advanced almost 40 pips from the market opening. It happend after the price reached the weekly resistance zone (R-1). On the other hand, to be below the line of 1/8 (yellow line) located at 0.9094, it stands fbearish again with a high probability of continuing its decline to 0.9039/0.9033, where there is the line 0/8 lines Murrey. But this morning is finding resistance at 0.9075, so also the other possibility is that the day is in a range between 0.9064 and 0.9094.
H4 chart
In the 4 hours chart USD/CHF is trading below its line of 6/8 (red line) of Murrey math lines, the same that is considered a safe zone reverse, then gives infringed range area had been created between the line 6/8 and 7/8. Since its daily trend is downward, you may follow the Swiss franc gained ground to the area of the line 5/8 (green line) located at 0.9064, and in turn this line has to be the top line of your range contribution and that during today’s trading, it will be an important support area to consider. Something that we must also take into account is that this level coincides with the bottom line of their uptrend channel to where the price move today.
H1 chart
Finally, the 1-hour chart shows USD/CHF in a clear short-term downtrend trading below its 200-period moving average and daily support at 0.9062.
On the other hand, the price this morning is below the line of 3/8 (green line) that came to be the bottom line of its trading range and found the price to go below these levels. It could continue to line 2/8 (red line) that would reverse point to consider in this time frame.
Our recommendation: Since today is the last day of the week and we did not observe a significant route for an order that could put at these levels, our suggestion is to refrain from placing any order.
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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