USD/CHF (a 4 hour chart)
Frank started the week with slightly strengthened positions. The dollar temporarily suffered losses against the major currencies after the weak U.S. GDP data publication in Q1. The U.S. currency received some support from the positive labor market report. The initial jobless claims fell to 300k vs. 318k in the U.S.
The Swiss KOF leading economic indicators fell in May the third month in a row, indicating that the sluggish recovery in the euro area will have a negative impact on the Swiss goods export and will slow the economic growth rate in the short term.
The price is finding the first support at 0.8950. The resistance is at 0.9000.
The price is above the Cloud and above Chinkou-Span, that’s a strong and confirmed buy signal. The Cloud is directed upwards. The upward movement remains until Kijun-Sen is under the price.
MACD is in the positive territory, the indicator is decreasing.
Please be advised to stay away from the market. The 0.9000 break will support the bulls. Still if the pair gets under the cloud it can cancel the growth in a short term. The potential targets for the decrease are 0.8950 and 0.8920.