USD/CHF: Murrey analysis 01 July 2019, 15:21

USD/CHF: Murrey analysis

01 July 2019, 15:21

Scenario
Timeframe	Intraday
Recommendation	SELL STOP
Entry Point	0.9760
Take Profit	0.9704, 0.9643
Stop Loss	0.9800
Key Levels	0.9643, 0.9704, 0.9765, 0.9887, 0.9948, 1.0009

Alternative scenario
Recommendation	BUY STOP
Entry Point	0.9890
Take Profit	0.9948, 1.0009
Stop Loss	0.9850
Key Levels	0.9643, 0.9704, 0.9765, 0.9887, 0.9948, 1.0009

On the daily chart, the pair reversed around 0.9704 ([–1/8]) and returned to the framework of Murrey main trading range. At present, the key “bullish” level is 0.9887 ([2/8]) around the middle line of Bollinger bands. After its breakout, growth can continue to the levels of 0.9948 ([5/8]) and 1.0009 ([4/8]). However, the potential of the downward trend has not yet been exhausted, as indicated by the downward reversal of Bollinger bands. Therefore, in the near future, in the event of a new breakdown to the level of 0.9765 ([0/8]), the decline may resume to the levels of 0.9704 ([–1/8]) and 0.9643 ([–2/8]).
Support and resistance
Resistance levels: 0.9887, 0.9948, 1.0009.
Support levels: 0.9765, 0.9704, 0.9643.

Trading tips
Short positions can be opened below the level of 0.9765 or when the price reverses around the level of 0.9887 with the targets at 0.9704, 0.9643 and stop losses around 0.9800 and 0.9920, respectively.
Long positions can be opened when the price consolidates above the level of 0.9887 with the targets at 0.9948, 1.0009 and stop loss around ​​0.9850.
Implementation period: 3–4 days.