Murrey Math Lines 02.05.2016 (EUR/USD, USD/CHF)
02.05.2016
Analysis for May 2nd, 2016
EUR USD, “Euro vs US Dollar”
Eurodollar has broken the 7/8 level very easily, which means that it may continue moving upwards. Earlier, Super Trends formed “bullish cross”. Consequently, if the pair breaks the 8/8 level, the market will continue growing towards the +1/8 one.
At the H1 chart, bulls have been able to keep the price above the 7/8 level, which means that the current rally may yet continue. If the price breaks the 8/8 level on Monday, the market will continue growing towards the +2/8 one inside the “overbought zone”.
USD CHF, “US Dollar vs Swiss Franc”
At the H4 chart, it’s highly likely that on Monday Super Trends may form “bearish cross”. if the price breaks the 1/8 level, Franc will continue moving downwards. Otherwise, the market may start a new correction with the target at the 2/8 level.
At the H1 chart, Franc is being corrected above the 2/8 level and supported by the H1 Super Trend, from which it has already rebounded several times. The closest target for bears is at the 0/8 level. If the price rebounds from this level, the market may start a new ascending correction.
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