Daily chart
The Swiss franc as well as the other crosses with the American dollar had very few movements on Monday due to the holiday in the USA. Finally, the USD/CHF ended the day by closing with a candle of indecision. Thus, it has begun this new day and in the first 5 hours of trades it has already shown an advance of almost 20 pips.
However, not very far away we have a support line that the USD/CHF must overcome in order to continue with their progress.
4-hour chart
However, the 4h chart shows us that this progress will be limited not only by the support that we mentioned as well as the line 6/8 g, Murrey J; but also by its first resistance weekly as well as by the first top line of your downward trend channel.
The first resistance is at 0.9150. It is possible that the price will be extended to this area and will depend a lot on the strength of the buyers to maintain positions at this level, although it is likely to be a profit-taking and the price finished retracting from this area.
1-hour chart
Finally the 1 hour chart shows us the USD/CHF within a channel of upward trend quite pronounced that appears to be nearing its peak. This due to the fact that 0.9130 is the top line of the horizontal channel in the 4-hour chart.
Therefore, although the predominant trend is still bullish, we may see a significant decline in USD/CHF in the next few days, which could get at least to 0.9065.
Eventually, we may get selling below 0.9030 with stop loss of about 30 pips.
If you have any questions or suggestions, please contact:
Email:antonio.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 21, 2014 . Thanks for your support on Mathematical analysis with Murray lines of USD/CHF for January 21, 2014
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