29, April 2016

USD/CHF (a 4-hour chart)

USD/CHF (a 4-hour chart)

General overview

The USA GDP for the 1st quarter was the main event of Thursday. The release came in at the level of 0,5% q/q (the forecast was 0,7% q/q, the previous value was 1,4% q/q). Initial Jobless Claims number was the focus of our attention as well. The data came in at the level of 257K (the forecast was 260K the previous value was 247K).

The first support lies at 0.9660 and then at 0.9580. The first resistance stands at 0.9750, the next one is at 0.9850.

The price is in the Ichimoku Cloud and it is under the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement forming a “Dead Cross”.

The MACD indicator is in a negative territory. The price is consolidating.

Trading recommendations

We recommend going short with the first target - 0.9580. When the price consolidates below the first target it may go to the level 0.9500.