21, August 2014

USD/CHF (a 4 hour chart)

USD/CHF (a 4 hour chart)

General overview

The dollar continues to grow. It rose to 11-month high against the basket of the major currencies after the optimistic data on the United States housing sector have shown that the economic recovery is gaining momentum.

The price is finding the first support at 0.9090, the next one is at 0.9060. The price is finding the first resistance at 0.9130, the next one is at 0.9170.

There is a confirmed and a strong buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal 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 growing.

Trading recommendations

We advise to long with the first target - 0.9130. When the pair consolidates above the first target, we can open deals to the level of 0.9170.