13, July 2015

USD/CHF (a 4-hour chart)

USD/CHF (a 4-hour chart)

General overview

The dollar remains within its former range, however, it reduced the number of its achievements when the data publication said that the jobless claims number have increased by 15,000 to 297,000.

According to the IMF estimates, the global economic growth in 2015 is expected at the level of 3.3% against 3.5% and the growth forecast for 2016 remained at the level of 3.8% against 3.1% in April. The reason for its decline was the "temporary weakness" forecast in the first quarter.

The price is finding the first support at 0.9370, the next one is at 0.9280. The price is finding the first resistance at 0.9540, the next one is at 0.9750.

The price is in the Cloud and it is under the Chinkou Span. The Tenkan-sen shows a downward movement and the Kijun-sen shows 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 - 0.9370. When the pair consolidates below the first target, we can open deals to the level of 0.9280.