12, September 2014

USD/CHF (a 4 hour chart)

USD/CHF (a 4 hour chart)

General overview

The Swiss franc has corrected its fall against the dollar. We expect the initial jobless claims where the average forecast is reduced to 300,000. There also will be the August federal budget report (forecast - $ 129.00 billion).

The price is finding the first support at 0.9330, the next one is at 0.9270. The price is finding the first resistance at 0.9370, the next one is at 0.9430.

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

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

Trading recommendations

We advise to long with the first target - 0.9370. When the pair consolidates above the first target, we can open deals to the level of 0.9430.