23, May 2014

USD/CHF (a 4 hour chart)

USD/CHF (a 4 hour chart)

General Overview

The Swiss franc decreased. The U.S. dollar rose against major currencies amid the U.S. Treasury recovery yield from almost six-month low on the eve of FOMC April meeting minute’s publication. The FOMC minutes showed that it was too early to say that the economy is steadily growing faster: the participants declared the labor market rigidity in their regions, business notes the jobs lack; also there was discussed the monetary policy normalization at the April meeting.

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 weak 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

We advise to consider long positions with the first target - 0.8960. After fixing above the first target, the level 0.9015 will become the next one.