01, November 2013

USD/CHF (a 4- hour chart)

USD/CHF (a 4- hour chart)

General Overview

The pair is still within a descending channel. Now the quotes are near the bottom of the channel, from which an upward correction may be developed. Technically the pair is moving to the upper boundary of the channel.

Tenkan-sen is crossed with Kijun-sen from the bottom up under the cloud, forming the shape of the trend reversal "Golden Cross". Chinkou Span line crosses the price chart from the bottom up, the cloud remains descending. The support levels are Tenkan-sen and Kijun-sen. The next obstacle is the 0.9090.

The pair will return to the downward movement if it gets back below the cloud. If the price returns below the Kijun-sen, the buy signal will be weakened and the further growing will be put under the question.

Bollinger Bands indicates the change of the trend. Its bands are widening and directed upwards.
The MACD is in a positive area right now, its histogram is growing.

Trading Recommendations

We recommend opening long orders to 0.9090. After breaking this level the price is expected to test 0.9126.