21, February 2013

USD/CHF (a 4 hour chart)

USD/CHF (a 4 hour chart)

General overview

On Tuesday, franc continued its upward movement. The price worked out the level 0.9218 and tested 0.9270.

The signal to buy is strong and confirmed as the Chinkou Span is above the price chart and the price is above the Ichimoku cloud. If the price stays above the Kijun-sen (0.9242) it will continue its north movement. Should the pair overcome the level 0.9270 and consolidate on it the next target will become the resistance level 0.9335

Bollinger Bands indicator shows the lateral movement, its bands keep widening that supports the northern movement.

MACD is growing, which is also a big"YES" for growing.

Trading recommendations

All indications show an upward movement. The first target is the tested level 0.9270. Should the price work it out it will go to 0.9350. After yesterday's breaking jump we can expect a correction today. The price can go down to 0.9218 to gain strength for its growth.