USD/CHF (a 4 hour chart)
February 7, the pair dollar/franc finished its correction and broke through several levels up with an upward movement.
The price is in the Ichimoku cloud right now. The buy signal is strong and confirmed as the price is above the Chinkou Span and the Ichimoku cloud.
The price worked out the first resistance level (0.9152) yesterday and stuck in the Ichimoku cloud.
We believe that the whole Friday the pair will be working a correction after so impetuous flight.
An upward movement will be relavent until the price is above the Kidjun-sen (0.9126). If the price consolidates below this line that will question the upward movement. In this case the price will pull back as a correction to the Ichimoku cloud.
Bollinger Bands are narrowed and directed upwards, confirming the present movement.
MACD is going up as well also indicating an upward movement. If the indicator turns down that may become a signal for a short-term correction.
We recommend opening long positions. The first target is the second level of resistance – 0. 9218. If the price consolidates above that level it will continue going up to the next level which is 0.9335.
We expect the price to return to the level ¬ 0.9152 as a correction to gain some power for the next break through.
Should the price bounces from 0.9152 it will go downward for the first support level – 0.9101. We receive the first signal for a correction from MACD when it turns or goes down.
We place stop-loss lower than 0.9100 if we go up and higher than 0.9188 if the price goes down.
It is important to consider fundamental data when you open orders.