USD/CHF – Mathematical analysis with Murray Lines for October 24, 2013
October 24, 2013 4:15 pm
Daily chart
On the daily chart the USD/CHF pair is finding support at line 1/8 (yellow line) located at 0.8911. Even that line is regarded as a weak support line, however if the price stops very close to it for some time there is a good chance that the price will reverse in the opposite direction. Although the price is below the daily pivot however rebound above this level could give us signals of a possible change of direction. On the other hand, a close below this level could signal continuation of its downtrend.
4-hour chart On the 4-hour chart the USD/CHF pair is on the line 0/8 (solid line) considered as the last line of support that is very difficult to break. In an extreme case we consider it is unlikely for the couple to travel about 30 or 60 pips below this level. Moreover, both the oscillator and the oscillator strength of trend show us the USD/CHF pair is in oversold zone with a high probability of a trend change. Also the fact that the price is at the moment on the bottom line of its uptrend channel is another indication of a possible bounce from these levels, entering at these levels with orders minimize our risk is about 60 or 70 pips.
1-hour chart
Finally 1-hour chart shows that the USD/CHF pair entered a range area between the line 1/8 and -1/8. We think that when you leave this area you can have a clearer view of a continuation or a trend change. The 200-day moving average is less than 30 pips from the current price which would also be an indication of a reversal of the trend at the time to beat the zone above 0.8942.
Our suggestion: Our suggestion for today is based on our analysis of the 3 graphics entering with buying positions at these levels with a stop loss of 60 pips.
The material has been provided by InstaForex Company – www.instaforex.com
Daily chart
On the daily chart the USD/CHF pair is finding support at line 1/8 (yellow line) located at 0.8911. Even that line is regarded as a weak support line, however if the price stops very close to it for some time there is a good chance that the price will reverse in the opposite direction. Although the price is below the daily pivot however rebound above this level could give us signals of a possible change of direction. On the other hand, a close below this level could signal continuation of its downtrend.
4-hour chart
On the 4-hour chart the USD/CHF pair is on the line 0/8 (solid line) considered as the last line of support that is very difficult to break. In an extreme case we consider it is unlikely for the couple to travel about 30 or 60 pips below this level. Moreover, both the oscillator and the oscillator strength of trend show us the USD/CHF pair is in oversold zone with a high probability of a trend change. Also the fact that the price is at the moment on the bottom line of its uptrend channel is another indication of a possible bounce from these levels, entering at these levels with orders minimize our risk is about 60 or 70 pips.
1-hour chart
Finally 1-hour chart shows that the USD/CHF pair entered a range area between the line 1/8 and -1/8. We think that when you leave this area you can have a clearer view of a continuation or a trend change. The 200-day moving average is less than 30 pips from the current price which would also be an indication of a reversal of the trend at the time to beat the zone above 0.8942.
Our suggestion: Our suggestion for today is based on our analysis of the 3 graphics entering with buying positions at these levels with a stop loss of 60 pips.
The material has been provided by InstaForex Company – www.instaforex.com
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