14, August 2013

USD/CHF (a 4 hour chart)

USD/CHF (a 4 hour chart)

General Overview

USD/CHF continues to work out a sell signal. Still the pair is being corrected The current sell signal is weak and confirmed, as Chinkou span entrenched above the price, and the price is above the Ichimoku cloud. The price broke the cloud and is being traded at its upper boundary

Kijun-Sen and Tenkan-Sen are crossed in a descending "dead cross". Tenkan-sen is in the cloud, the Kijun-sen line is above Senkou Span B and is moving in a horizontal direction. The cloud is directed down. The downward movement will be continued as long as the price is below the Kijun-sen.

Bollinger Bands indicator follows the price down.
MACD is growing, signaling an upward price movement.

Trading Recommendations

The eight-day minimum reached on Thursday 0.9174 is the last line of defense on the way to the base of 13th June 0.9129. The neutralizing candle which was formed last week was denied and the pair continued a 5-week downtrend wave which is aimed at long term growing the support line of the continuation figure “bullish pennant” at 0.9075. Resistance at 0.9344 limits the corrective growth.