USD/CHF: Murrey analysis 09 July 2019, 11:35

USD/CHF: Murrey analysis

09 July 2019, 11:35

Scenario
Timeframe	Intraday
Recommendation	BUY STOP
Entry Point	0.9950
Take Profit	1.0010, 1.0070
Stop Loss	0.9910
Key Levels	0.9704, 0.9765, 0.9870, 0.9948, 1.0010, 1.0070

Alternative scenario
Recommendation	SELL STOP
Entry Point	0.9865
Take Profit	0.9765, 0.9704
Stop Loss	0.9910
Key Levels	0.9704, 0.9765, 0.9870, 0.9948, 1.0010, 1.0070

The pair started the week with growth and is currently testing the level of 0.9948 ([3/8]), trying to return to the central Murrey channel. If successful, growth can continue to 1.0010 ([4/8]) and 1.0070 ([5/8]). The decline will be possible if the price manages to break down the zone of 0.9887–0.9870 ([2/8], the midline of Bollinger Bands). In this case, the decline may continue to 0.9765 ([0/8]) and 0.9704 ([-1/8]). Technical indicators generally allow growth: MACD histogram decreases in the negative zone, Stochastic has entered the overbought zone but is still directed upwards.
Support and resistance
Resistance levels: 0.9948, 1.0010, 1.0070.
Support levels: 0.9870, 0.9765, 0.9704.

Trading tips
Long positions may be opened above 0.9948 with targets at 1.0010, 1.0070 and stop loss at 0.9910.
Short positions may be opened below 0.9870 with targets at 0.9765, 0.9704 and stop loss at 0.9910.
Implementation period: 3-4 days.