Murrey Math Lines 07.10.2016 (EUR/USD, USD/CHF)
07.10.2016
Analysis for October 7th, 2016
EUR USD, “Euro vs US Dollar”
After several rebounds from the 4/8 level, the EUR/USD pair is trying to resume its decline. The price broke the low, but couldn’t break the 0/8 level. As a result, in the nearest future the local correction may continue, but later the market is expected to attempt to enter the “oversold zone” once again.
At the H1 chart, bears were stopped by the 0/8 level and the pair started a new local ascending correction with the closest possible target at the 2/8 one. If the market rebounds from this level, it may resume moving downwards.
USD CHF, “US Dollar vs Swiss Franc”
The USD/CHF pair is moving inside the “overbought zone” steadily; Super Trends formed “bullish cross”. Consequently, after completing the local correction, the price may continue growing. If later bulls break the +2/8 level, the lines at the chart will redrawn.
At the H1 chart, the pair reached the 6/8 level and started the current descending correction. If later the price is supported by the 5/8 level, the market will resume its growth and break the local high.
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