Weekly chart:Today the USD/CHF pair continues to support thedownward pressure that still seems to exist and may expect a further fall below1/8 (line yellow) to the line 0/8 (blue line) which would be your last line ofsupport in this time frame.
TheRelative Strength Index RSI is still on 38.70 points at the time of thisanalysis. We might well expect this downward trend may be extended further toits extreme support line -2/8 that is at 0.8545. But we should be cautious inthis area since the market is losing steam and anytime can experience a shiftin the opposite direction.
Daily chart:In the daily chart the retreating vertex is formed bythe two converging trend lines, line 3/8 (green line) below which the trendstill remains bearish. Moreover, having pierced the bottom line of its trendchannel, the price is likely to reach the minimum search again last might wellfind support on the line 0/8 Murrey during the following days we can continueto sell below 0.8911 certainly putting our stop loss about 20 pips on the lineand with a possible gain of about 90 or 100 pips for a minimal risk of 3-1.
4-hour chart:Finally on the 4 hour-chart the USD/CHF pair rejoinedbelow its weekly pivot, with the same line 2/8 (red line) Murrey lines would beat this time its next resistance which the price would have to overcome toeventually continue to rise, which we consider is unlikely. Moreover, ratherbelieve that the price will continue down to find a floor that could probablybe supported in the shared area between the first weekly support line 0/8Murrey and its last delimited by red sideline support.
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Performed by Antonio Inga Guerra, Analytical expert InstaForex Group © 2007-2013 |
Mathematical analysis with Murray lines of USD/CHF for December 30, 2013
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