After the market rebounded from the 4/8
level and the daily Super Trend it is trying to resume its downside move. As long as the pair managed to hold above the 3/8
level, a further decline towards the 1/8
level is possible.
On the 1-H trend, the Super Trend lines have formed a "bearish cross". If the pair is able to break out the 1/8
level, a deeper falling down will come to the fore. The nearest target is a Murrey level 2/8
USD CHF "US Dollar vs. Swiss Frank"
The Frank has completed a rebound near the 4/8
level and the daily SuperTrend which suggests a possible uptrend restart. If the pair is able to break the 3/8
level and hold above it, we can anticipate a workout of the 7/8
level afterwards, which could be a start point for a correction move.
On 1-H chart we see how the market continues to consolidate within the "overbought area". During the day the market can resume its rise towards the +2/8
level and, if this level is broken out, the Murrey setup will be entirely redrawn.