06, May 2016

USD/CHF (a 4-hour chart)

USD/CHF (a 4-hour chart)

General overview

Switzerland celebrated Feast of the Ascension; its markets were closed. Initial Jobless Claims were under focus yesterday (274K vs. expectations 260K).

The price is finding the first support at 0.9660, the next one is at 0.9580. The price is finding the first resistance at 0.9750, the next one is at 0.9850.

The price is in the Ichimoku Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement, forming a “Golden Cross”.

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

Trading recommendations

We advise to long with the first target - 0.9750. When the pair consolidates above the first target, we can open deals to the level of 0.9850.