27, May 2014

USD/CHF (a 4 hour chart)

USD/CHF (a 4 hour chart)

General Overview

Franc lost some ground against the dollar following the euro. We got the Initial Jobless Claims, the secondary market sales for April and leading economic European indicator last week. Franc reached a three-week low against the U.S. dollar after the publication of ambiguous economic data from Europe and the USA.

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

We advise going long with the first target - 0.8986. After fixing above the first target, the price may go to the level 0.9016.