17, May 2013

USD/CHF (a 4 hour chart)

GeneraUSD/CHF (a 4 hour chart)

General Overview

The pair is corrected after an extended uptrend. USD/CHF is trading between the two support levels 0.9600 and 0.9700.

The buy signal is strong and confirmed. USD/CHF is working out a "golden cross".

Chinkou Span is above the price, and the price is trading above the Ichimoku cloud. The target of the northern movement is the resistance level 0.9700. Should the pair consolidates on it, the price will grow towards 0.9780.

The upward movement will continue as long as the price is above the Kijun-Sen.

On the four-hour chart Tenkan-Sen is below Kijun-Sen, Tenkan-Sen and Kijun-Sen are directed sideways. Chinkou Span is below the price chart, the Ichimoku cloud is growing. Ichimoku shows the bullish mood of traders.

Bollinger Bands are directed upward, indicating an upward movement.
MACD is in the positive area, histogram indicator began to go down. If the indicator turns up again, it could become a signal for a growth.

Trading recommendations

After the price formed "the bearish hammer" on Wednesday the price stopped at the support 0.9643.

In the short term, the pair is targeted to the level 0.9700. Should the price consolidates on this level the further growth continues towards 0.9780.