USD/CHF (a 4 hour chart)
The Swiss franc has strengthened its position on Tuesday amid the technical correction against the dollar. Even the weak national statistics publication did not stop the franc growth the last few days.
The retail sales report issued in Switzerland showed an increase of 1.9% against 0.7%. Traders successfully used this opportunity to justify the franc strengthening.
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 weak buy signal. The price is on the Cloud and it is above the Chinkou Span. The Tenkan-sen shows a downward movement and the Kijun-sen shows a horizontal movement and form a “Dead cross”. The upward movement will be until the price is above the Cloud.
The MACD indicator is in a positive territory. The price is falling.
We advise to short with the first target - 0.9430. When the pair consolidates below the first target, we can open deals to the level of 0.9370.