24, July 2013

USD/CHF (a 4 hour chart)

USD/CHF (a 4 hour chart)

General Overview

Last week the dollar/franc also corrected to the critical line, and even overcame it, but then completed the correction and it is now trying to resume a downward movement.

The current sell signal is confirmed and strong, as Chinkou span is above the price and the pair is below the Cloud.

The pair is consolidating in a range 0.9500 - 0.9410. The first downtrend target is the support level 0.9344.

Chinkou Span is below the price that confirms the sell signal and indicates a bullish sentiment of the pair. Kijun-Sen and Tenkan-Sen are directed downwards. The Cloud is directed down.

Bollinger Bands indicator formed a fixed downward channel.
MACD is growing in a negative area.

Trading Recommendations

A minimum of 0.9358 is still in danger, the bears control the market now. We expect the pair to continue falling this week. We forecast that decline will continue towards 0.9300 and 0.9270.