21, July 2014

USD/CHF (a 4 hour chart)

USD/CHF (a 4 hour chart)

General overview

The U.S. currency remains at the same positions relative to the franc. The statistics that have been published showed the initial jobless claims reduction that had reached the minimum for the last nine weeks values.

The separate release showed a decline in construction of new homes to a minimum for the last 9 months.

The price is finding the first support at 0.8950, the next one is at 0.8920. The price is finding the first resistance at 0.9000, the next one is at 0.9035.

There is a confirmed and strong buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show an upward movement and form a “Golden cross”. The upward movement will be until the price is above the Cloud.

The MACD indicator is in a positive territory. The price is going up.

Trading recommendations

We recommend longs. The first target is 0.8984.