USD/CHF – Mathematical analysis with Murray Lines for October 22, 2013
October 22, 2013 3:45 pm
Daily chart
The U.S. dollar continues to lose ground against its other peers and against the Swiss Franc, which is not exception. Data on US Non-Farm Employment Change in September was disappointing and the market seized up the news to resume the selling of the dollar, which had begun in the second half of last week. The euro and Swiss franc have Risen to new highs for the year. U.S. bond yields have dropped and the stock market has turned better bid in electronic trading. With all these data we can expect even higher against falls of USD CHF which may extend to 0.8900 or 0.8911 area, where the line 1/8 of the Murrey lines is located. Moreover, the dollar may break S-1 and the daily pivot resistance in the event of a change in the trend, which currently seems unlikely.
4-hour chart
On 4-hour chart we see a clear break first in the bottom line of its uptrend channel. Then also uptrend green line that existed in this area was broken. So as we look at the landscape at this time of the morning after the two bearish candles we have in front, the probability that the USD/CHF continues to fall is very high and we must also take into account that 0.9003 line 3/8 (green line) is considered the same as the bottom line of its trading range, and the fact that the couple come trading below this level also confirms this trend. But when the line 2/8 (red line) is considered as an important support we can also expect a range in this area for the next few hours.
1-hour chart
Finally, the 1-hour chart shows us a slightly different picture because after falling sharply from line 0/8 (solid line) considered a final support line hard to break, USD/CHF as already discussed in our analysis yesterday scored a new low. However, this low point after these last hours of trading is in an area overrun end because it is located in the line -1/8 Murrey. On the other hand, we also have the S -1 on which support could be found at this time. We may add to it the fact that the pair is on the bottom line of its band of gravitation. All this will show a picture of a possible rebound to the upside and downside momentum; the last might be a good opportunity to position with purchase orders in the long term with the tight stop of 50 pips.
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
Daily chart
The U.S. dollar continues to lose ground against its other peers and against the Swiss Franc, which is not exception. Data on US Non-Farm Employment Change in September was disappointing and the market seized up the news to resume the selling of the dollar, which had begun in the second half of last week. The euro and Swiss franc have Risen to new highs for the year. U.S. bond yields have dropped and the stock market has turned better bid in electronic trading.
With all these data we can expect even higher against falls of USD CHF which may extend to 0.8900 or 0.8911 area, where the line 1/8 of the Murrey lines is located.
Moreover, the dollar may break S-1 and the daily pivot resistance in the event of a change in the trend, which currently seems unlikely.
4-hour chart
On 4-hour chart we see a clear break first in the bottom line of its uptrend channel. Then also uptrend green line that existed in this area was broken.
So as we look at the landscape at this time of the morning after the two bearish candles we have in front, the probability that the USD/CHF continues to fall is very high and we must also take into account that 0.9003 line 3/8 (green line) is considered the same as the bottom line of its trading range, and the fact that the couple come trading below this level also confirms this trend. But when the line 2/8 (red line) is considered as an important support we can also expect a range in this area for the next few hours.
1-hour chart
Finally, the 1-hour chart shows us a slightly different picture because after falling sharply from line 0/8 (solid line) considered a final support line hard to break, USD/CHF as already discussed in our analysis yesterday scored a new low. However, this low point after these last hours of trading is in an area overrun end because it is located in the line -1/8 Murrey. On the other hand, we also have the S -1 on which support could be found at this time. We may add to it the fact that the pair is on the bottom line of its band of gravitation. All this will show a picture of a possible rebound to the upside and downside momentum; the last might be a good opportunity to position with purchase orders in the long term with the tight stop of 50 pips.
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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