USD/CHF: Murrey analysis 11 July 2019, 11:50

USD/CHF: Murrey analysis

11 July 2019, 11:50

Scenario
Timeframe	Intraday
Recommendation	SELL STOP
Entry Point	0.9850
Take Profit	0.9765, 0.9705
Stop Loss	0.9890
Key Levels	0.9705, 0.9765, 0.9948, 1.0010, 1.0070

Alternative scenario
Recommendation	BUY STOP
Entry Point	0.9955
Take Profit	1.0010, 1.0070
Stop Loss	0.9915
Key Levels	0.9705, 0.9765, 0.9948, 1.0010, 1.0070

This week, the price reached 0.9948 ([3/8]), from which it corrected downwards, breaking down the level of 0.9887 ([2/8]) and the midline of Bollinger Bands. Further decline is possible to the lower border of the trading range near 0.9765 ([0/8]) and to 0.9705 ([-1/8]). The level of 0.9948 ([4/8]) is the key for the "bulls". After the consolidation above it, the price will return to the central Murrey channel and may rise to the levels of 1.0010 ([4/8]) and 1.0070 ([5/8]). Technical indicators don't provide a clear signal: Bollinger Bands are moving horizontally, MACD histogram has stabilized in the negative zone, and Stochastic has left the overbought zone, forming a sell signal.
Support and resistance
Resistance levels: 0.9948, 1.0010, 1.0070.
Support levels: 0.9765, 0.9705.

Trading tips
Short positions may be opened from 0.9850 with targets at 0.9765, 0.9705 and stop loss at 0.9890.
Long positions may be opened above 0.9948 with targets at 1.0010, 1.0070 and stop loss at 0.9915.
Implementation period: 3-4 days.