18, June 2014

USD/CHF (a 4 hour chart)

USD/CHF (a 4 hour chart)

General overview

The dollar was steady against the Swiss franc. The U.S. data published on Monday showed that the economy continues to recover.

The manufacturing activity in New York State has expanded faster in June than forecast predicted, while a separate report showed that industrial production rose in May stronger than it was expected.

The price is finding the first support at 0.8950. The resistance is at 0.9000.

The price is above the Cloud and above Chinkou-Span, we have a strong and confirmed buy signal. The Cloud is directed upwards. The upward movement remains until Kijun-Sen is under the price.

MACD is in the positive territory, the indicator is growing.

Trading recommendations

We recommend to long with the first target - 0.9035. When the price consolidates above the first target it will go to the level 0.9069.