Daily chart
The American dollar recoveredalmost 70%of its losses seen on Wednesday against theSwiss franc. However, it was not able to close below the line 4/8 (blue line) which is also where you will find the line 50.0 Fibonacci retract.
Therefore, in our opinion, the picture remains bearish and it is a good time to enter with buying positions taking advantage of the reversal today and if you have a position opened, we suggest you keeping it by placing our stop loss at 0.9010.
4-hour chart
Even though in the 4 hours chart the USD/CHF fell below its pivot daily and weekly, to eventually close at 0.9047, we still have two support areas. In the first place is the center line of the trend channel and, secondly, the neutral line 4/8 (blue line), in addition to the red line of upward trend. For that the trend remains bearish, the price would have to close below this line, which, we believe, is unlikely to occur.
However, since we are operating in an unpredictable market, we must never forget to put our stop loss.
1-hour chart
Finally in the 1 hour chart, both its trend channels, as well as the band of gravitation of the USD/CHF have upward direction. In addition, the price is quoted in this time over its neutral line of 4/8 (blue line) which tells us that the predominant trend is bullish. On the other hand, today we have three important pieces of data from the US such as the labor statistics, the measurement of consumer sentiment and building permits. These data, despite the outcome, will surely affect the pattern and the movement of the USD/CHF.
If you have any questions or suggestions, please contactantonio.inga@analytics.instaforex.com
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For detail explanation and best discovery on market trends you may visit via Mathematical analysis with Murray lines of USD/CHF for January 17, 2014 . Thanks for your support on Mathematical analysis with Murray lines of USD/CHF for January 17, 2014
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