USD/CHF – Mathematical analysis with Murray lines for October 28, 2013
October 28, 2013 2:45 pm
Daily chart
After two days of indecision, USD/CHF is moving steady so far. But at this hour of the morning, it is meeting resistance which could lead to retract slightly. Looking at the trend oscillated, we note that it is held in an oversold zone, and therefore, there is a high probability that the price will reverse from this area and start a new trend in the medium and long term. The fact that the pair has not achieved easily the line eighth (yellow line), even though it is considered a weak resistance line and instead has stopped in this area is also indicative of a reversal.
H4 chart
Moreover, the 4-hour chart shows USDCHF climbing from line 2/8 (red line), it is considered according to the theory of Murray as a major reversal zone. But to find the price at this time under the line of 3/8 (green line) which comes to the bottom line of its trading range, the dominant trend at this time and in this time frame still remains downward. For this reason it would be prudent to expect that the pair enters within its zone range above 0.8972 or that we would be committing a promotion in the medium term. Meanwhile, it is possible that prices will fall again to 0.8910 where your support is.
H1 chart
Finally in 1-hour charts USD/CHF is trading above its 200-period moving average and above its daily pivot line at 0.8927. The trend channel also shows a marked uptrend; therefore we can expect a promotion for this day at least to 0.9000. However, if the price recedes below 0.8930, one might expect the decline to continue to find its support at 0.8900 or around this area.
Therefore, our recommendation for Monday is: Long buying above 0.8930 with a stop loss of 70 pips at 0.8890, and a potential gain of 200 pips to 0.9155.
If you have any questions or suggestions, please contact:
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
After two days of indecision, USD/CHF is moving steady so far. But at this hour of the morning, it is meeting resistance which could lead to retract slightly. Looking at the trend oscillated, we note that it is held in an oversold zone, and therefore, there is a high probability that the price will reverse from this area and start a new trend in the medium and long term. The fact that the pair has not achieved easily the line eighth (yellow line), even though it is considered a weak resistance line and instead has stopped in this area is also indicative of a reversal.
H4 chart
Moreover, the 4-hour chart shows USDCHF climbing from line 2/8 (red line), it is considered according to the theory of Murray as a major reversal zone. But to find the price at this time under the line of 3/8 (green line) which comes to the bottom line of its trading range, the dominant trend at this time and in this time frame still remains downward. For this reason it would be prudent to expect that the pair enters within its zone range above 0.8972 or that we would be committing a promotion in the medium term. Meanwhile, it is possible that prices will fall again to 0.8910 where your support is.
H1 chart
Finally in 1-hour charts USD/CHF is trading above its 200-period moving average and above its daily pivot line at 0.8927. The trend channel also shows a marked uptrend; therefore we can expect a promotion for this day at least to 0.9000. However, if the price recedes below 0.8930, one might expect the decline to continue to find its support at 0.8900 or around this area.
Therefore, our recommendation for Monday is: Long buying above 0.8930 with a stop loss of 70 pips at 0.8890, and a potential gain of 200 pips to 0.9155.
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
Related Posts: