USD/CHF (a 4 hour chart)
The frank strengthened a bit its position in the growing demand for safe assets because of the escalation of geopolitical tensions in the east of Ukraine, and also after President Barack Obama authorized the point strikes on Islamist militants in Iraq, if they threaten American interests in the country.
The activity production index increased in July to 54.3 points, surpassing its long-term average value of 54.0, according to data prepared by Credit Suisse.
The price is finding the first support at 0.9030, the next one is at 0.8990. The price is finding the resistance at 0.9060, the next one is at 0.9090.
There is a confirmed and strong sell signal. The price is below the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement. The downward movement will be until the price is below the Cloud.
The MACD indicator is in a negative territory. The price is correcting downwards.
The trend has been changed. The price is heading downwards. The first target is 0.9030. Shall the price consolidate at that level it will go further down to 0.8990.