USD/CHF: Murrey analysis 30 January 2019, 14:01

USD/CHF: Murrey analysis

30 January 2019, 14:01

Scenario
Timeframe	Weekly
Recommendation	BUY
Entry Point	0.9970
Take Profit	1.0009, 1.0070
Stop Loss	0.9940
Key Levels	0.9765, 0.9826, 0.9887, 0.9948, 1.0009, 1.0070

Alternative scenario
Recommendation	SELL STOP
Entry Point	0.9880
Take Profit	0.9826, 0.9765
Stop Loss	0.9930
Key Levels	0.9765, 0.9826, 0.9887, 0.9948, 1.0009, 1.0070

On the daily chart, the price reversed at the lower border of the Murrey trading range and began to actively regain the positions. Now it has risen above the level of 0.9948 ([3/8]) and can continue to grow to the center of Murrey trading range around 1.0009 ([4/8]), as indicated by the reversal of Stochastic above the oversold zone and the beginning of the upward movement of Bollinger bands.
The key “bearish” level is 0.9887 ([6/8], the middle line of Bollinger bands). Breaking it down will allow the instrument to drop to 0.9826 ([1/8]) and 0.9765 ([0/8]). However, such a prospect seems to be less likely than the price increase to the levels of 1.0009 and 1.0070 (Murrey [5/8]).
Support and resistance
Resistance levels: 1.0009, 1.0070.
Support levels: 0.9948, 0.9887, 0.9826, 0.9765.

Trading tips
Long positions can be opened from the current level with the targets at 1.0009, 1.0070 and stop loss around 0.9940.
Short positions can be opened after the price is fixed below the level of 0.9887 with the targets at 0.9826, 0.9765. Stop loss can be set around ​​0.9930.
Implementation period: 4–5 days.