10, October 2014

USD/CHF (a 4 hour chart)

USD/CHF (a 4 hour chart)

General overview

The dollar managed to increase at the trades end. It is worth to be noted that earlier the dollar reduced its achievements against the major currencies after the FOMC meeting publication where the world’s economic recovery risks were noted, connected with the global growth deceleration and the dollar rise.

The price is finding the first support at 0.9500, the next one is at 0.9430. The price is finding the first resistance at 0.9560, the next one is at 0.9620.

The price is in the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement and form a “Dead cross”.

The MACD indicator is in a negative territory. The price is correcting.

Trading recommendations

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.