USD/CHF – Mathematical analysis with Murray lines for September 05, 2013
As it was expected, USDCHF after a slight decline yesterday, today continues its upward trend, reaching a maximum at 0.9414 reaching some point on the line 5/8 (green line ) which becomes the top line of the trading range, and then withdraw almost 40 pips. For today’s session must be alert to data from ADP Employment Change and ISM Non-Manufacturing PMI since the results could lead to stronger U.S. currency above 0.9400.
4 Hour chart
However, the 4-hour chart shows USDCHF on a depletion zone, and that after attempting to break the line 8/8 during the previous session of four hours; this was brought from that area. If we consider the line 8/8 is a final resistance area that is very difficult to break down we could expect in the next few hours to find support around 0.9308 where the line 5/8 (green line) which becomes the top line of the trading range in this time frame.
1 Hour chart
Finally, the 1 hour chart we can see how the USDCHF pair after having crossed line your upper trend channel 4 hours after reaching the R-3 daily and after touching the top line of the channel trend than an hour, right now trading around its R-1, so there is the chance that you will break his S-2 and placed below its daily Pivot in which case the picture would turn bearish in the short-term with objectives to support 2 or 3
Buy above 0.9400
Sell below 0.9360
With a stop loss of 30 pips and a take profit of 60 pips
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