19, February 2016

USD/CHF (a 4 hour chart)

USD/CHF (a 4 hour chart)

General overview

The dollar was under pressure after the Fed's soft comments and after the trade balance positive report in Switzerland.

The frank grew after it became known that Switzerland's trade surplus was higher than it had been forecasted, supporting the pair after four days decrease. The trade surplus amounted to 3.51 billion. for January. However by the end of the trades the pair strengthened.

The first support resides at 0.9859, the next is at 0.9750. The first resistance stands at 0.9960, the next one is at 1.0100.

The price is in the Ichimoku Cloud and it is under the Chinkou Span. The Tenkan-sen shows an upward movement and the Kijun-sen shows a horizontal movement.

The MACD indicator is in a positive territory. The price is growing.

Trading recommendations

We advise to long with the first target - 0.9960. When the pair consolidates below the first target, we can open deals to the level of 1.0100.