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Daily graphic
The USDCHF in daily charts remained many significant movements on the first day of the week and there was only a difference of 22 pips between the opening and closing of the market, but the fact that it closed below the line 4/8 considered a strong line of support and / or resistance and the fact that it is trading at 0.9231 currently below its daily pivot located at 0.9251 leads us to believe that the pair could still find a new support around 0.9160 as in this line area is 3/8 (green line) which becomes the basis of its trading range, as well as the S-3 daily.
However, the S-1 is in an area of strong resistance in both graphs 1 hour and 4 hours, thus, this area could be a turning point to the upside.
Graphic 4 Hours
However, in 4 hours charts, we note that USD / CHF trades at 0.9232 and stopped right at the lower support line of your channel upward trend, which area the pair could be pushed up even if it is likely to locate in 0.9216 supported since it is line 2/8 (red line) is considered the same as a strong point of reversal. Therefore we think that then supported at 0.9216 the pair could experience upward momentum of about 90-100 pips, therefore we could place orders over the medium term for a potential gain of about 90-100 pips.
Graphic 1 Hour
The 1-hour chart shows USDCHF on an oversold area as is currently trading very close to the line -2 / 8 (white) it is considered an extreme overshoot line only in some instances a currency or asset ridley overcome.
On the other hand, there is also the fact that the pair is trading between the angle formed by the two lines below its trend channel in different temporalities thereof has also come to be important media that the U.S. dollar is unlikely to break.
Therefore, our suggestion for Tuesday August 20 is: Enter purchase positions above 0.9216 or a rebound it and wait about 100 pips to 0.9338 with a stop loss at 0.9200 already pretty tight to get to this point the scenario would be another.
