29, February 2016

USD/CHF (a 4 hour chart)

USD/CHF (a 4 hour chart)

General overview

Dollar strengthened its position despite the fact that the US Initial Jobless Claims showed 272k against the previous value of 270k.

The Fed Representative Williams said the US economy required a soft push forward. He proffered not to hurry with the rates raising, believing that normalization is a gradual process.

The first support resides at 0.9960, the next is at 0.9850. The first resistance stands at 1.0100, the next one is at 1.0150.

There is a confirmed and a strong buy signal. The price is above the Ichimoku Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement forming a “Golden Cross”. The downward movement will be until the price is under the Cloud.

The MACD indicator is in a positive territory. The price is growing.

Trading recommendations

We advise to long with the first target - 1.0100. When the pair consolidates above the first target, we can open deals to the level of 1.0190.