22, May 2014

USD/CHF (a 4 hour chart)

USD/CHF (a 4 hour chart)

General Overview

The Swiss franc was traded in a fairly narrow range. The American session was full with Fed’s new. So, Philadelphia Fed President Charles Plosser said that the Fed might be forced to raise interest rates sooner than it was expected. He also noted that the unemployment rate forecast 6.2% at the annualized basis may be too pessimistic, but decrease below 6% by the end of 2014 is quite possible.

His colleague, New York Fed President William Dudley said that «nobody knows" when the Federal Reserve would raise its interest rates.

The price is finding the first support at 0.8920, the next one is at 0.8890. The price is finding the first resistance at 0.8950, the next one is at 0.9000.

The price is above the Cloud and above Chinkou-Span, that’s a strong and confirmed buy signal.
The upward movement remains until Kijun-Sen is under the price.

MACD is in the positive territory that supports the growth.

Trading recommendations

The pair is close to the strong resistance. If the pair breaks it we expect the growth to 0.8990.