13, May 2013

USD/CHF (a 4 hour chart)

USD/CHF (a 4 hour chart)

General overview

USD/CHF has formed a "golden cross" and continues working it out. The buy signal is strong and confirmed. Chinkou Span is above the price, and the price is trading above the Ichimoku cloud. The first target of the northern movement is the resistance level 0.9600. Should the price consolidates on it, it will grow towards 0.9780. The upward movement is maintained as long as the price is above the Kijun-Sen.

On the four-hour chart Tenkan-Sen is below Kijun-Sen, Tenkan-Sen is directed upwards, the Kijun-sen is directed sideways. Chinkou Span is below the price chart, the Ichimoku cloud is growing now. The indicator Ichimoku confirms the bullish mood of traders.

Bollinger Bands are directed upward, indicating an upward movement.
MACD is in the positive area, its histogram continues growing.

Trading recommendations

We recommend to open long positions with the first target 0.9600, after breaking this level the pair will go to the next resistance - 0.9700.

A correction to 0.9495 and 0.9450 is possible in the beginning of the week.