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Daily chart
As we stated our opinion for the previous session on Monday, we saw the USD/CHF ended the day and began with considerable bullish session to finally retract to 0.9085 from 0.9109 at its peak, however in no time the price was below the weekly pivot, which does not provide a new opportunity to enter with buy positions above this level with the stop loss of 30 pips for a possible approximate gain of 60 pips for the second trading day.
4 hour chart
In the 4 hour chart note that USD/CHF retreated after climbing the first day; however, this retraction achievement did not enter below the line 1/8 (yellow line) from which it continued to rise and, due to the movement of the hour, it is facing resistance at line 2/8 (red line). Although, it may back down in the next few hours and be limited both by the central line of the trend channel and for the line 1/8, so we can enter with long positions above 0.9064.
1 hour chart
Finally, in 1 hour chart we can also see the USD/CHF within an uptrend channel above its central line and above its weekly pivot, which is located at 0.9073, it's nearest support, from which Retrieving anger the U.S. dollar positions, and this will be clearer when the price exceeds its 200-period moving average. At the moment, it is very close to its current price.
Moreover, there is no data for today from Switzerland, so the movements will be subject to what happens to its counterpart.
If you have any questions or suggestions, please contact me at antonio.inga@analytics.instaforex.com
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.