07, April 2014

USD/CHF (a 4- hour chart)

USD/CHF (a 4- hour chart)

The Swiss franc continued to lose its ground versus the U.S. currency amid the expectations of the solid data on the U.S. labor market publication.

The first support is 0.8890, the next one is 0.8850. The first resistance is 0.8920.

The price is above the cloud and under Chinkou-Span, that’s a confirmed buy signal. Both trend lines are moving horizontally. The cloud is directed upwards. The northern movement remains until Kijun-Sen is located below the price.

MACD histogram is still located in the positive area.

Trading recommendations

The pair is overbought. We expect a bounce down to 0.8890 and 0.8850.