USD/CHF: Murrey analysis 14 February 2019, 12:23

USD/CHF: Murrey analysis

14 February 2019, 12:23

Scenario
Timeframe	Weekly
Recommendation	BUY
Entry Point	1.0084
Take Profit	1.0131, 1.0192
Stop Loss	1.0040
Key Levels	0.9887, 0.9948, 1.0000, 1.0070, 1.0131, 1.0192

Alternative scenario
Recommendation	SELL STOP
Entry Point	0.9995
Take Profit	0.9948, 0.9887
Stop Loss	1.0050
Key Levels	0.9887, 0.9948, 1.0000, 1.0070, 1.0131, 1.0192

On D1 chart, the price has risen above the level of 1.0070 ([5/8]) and can continue the growth to 1.0131 ([6/8]) and 1.0192 ([7/8]). This is confirmed by the upward reversal of the Bollinger Bands and Stochastic; in addition, MACD histogram is growing in the positive zone. It is also worth noting that an inverted “Head and shoulders” figure was formed on W1 chart. Currently, the price breaks the “neck” line upwards, which also indicates the possibility of growth. A decline will be possible if the instrument consolidates below the level of 1.0000 ([4/8]) and then moves to the negative zone of the Murrey range. In this case, the decline will continue to 0.9948 ([3/8]) and 0.9887 ([2/8], the bottom line of Bollinger Bands).
Support and resistance
Support levels: 1.0070, 1.0000, 0.9948, 0.9887.
Resistance levels: 1.0131, 1.0192.

Trading tips
Long positions may be opened from the current level with targets at 1.0131, 1.0192 and stop loss at 1.0040.
Short positions may be opened if the instrument consolidates below 1.0000 with targets at 0.9948, 0.9887 and stop loss at 1.0050.
Implementation period: 4-5 days.