08, October 2014

USD/CHF (a 4 hour chart)

 USD/CHF (a 4 hour chart)

General overview

The franc continues its consolidation after the minor correction near the reached lows against the US dollar. We expect the USA consumer credit volume data for August.

The price is finding the first support at 0.9560, the next one is at 0.9500. The price is finding the first resistance at 0.9620, the next one is at 0.9680.

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 shows a downward movement and the Kijun-sen shows a horizontal movement. The upward movement will be until the price is above the Cloud.

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

Trading recommendations

We advise to long with the first target - 0.9680. When the pair consolidates above the first target, we can open deals to the level of 0.9750.