02, September 2014

USD/CHF (a 4 hour chart)

USD/CHF (a 4 hour chart)

The franc continued to decrease against the dollar strengthening. The American currency has strengthened its position after the United States solid economic publication.

The data showed that the United States consumer confidence index rose to 92.4 in August, compared with 90.3 in July. It has been the highest level since October 2007.

The price is finding the first support at 0.9170, the next one is at 0.9130. The price is finding the first resistance at 0.9200, the next one is at 0.9240.

There is a confirmed and a strong buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement. The pair is back to the “Golden Cross”. The upward movement will be until the price is above the Cloud.

The MACD indicator is in a positive territory. The price is growing.

Trading recommendations

We advise to long with the first target - 0.9200. When the pair consolidates above the first target, we can open deals to the level of 0.9240.