USD/CHF (a 4 hour chart)
The Swiss franc fell against the dollar on Wednesday. The course practically ignored the country statistics.
The Swiss GDP data showed that economic growth in the first quarter was 0.5 % q / q , after rising by 0.2 % q / q in the fourth quarter, but the figure was below average forecasts on 0.6%. Meanwhile, the annual rate exceeded expectations, showing an increase of 2.0 % vs. 1.9 %.
The USD/CHF continues to test high on May 21 at 0.8970/80. The resistance is located at 0.9010 area. The immediate support is at 0.8860 and 0.8780.
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.
The support is at 0.8950. The resistance is at 0.9000.
MACD is in the positive territory that supports the growth.
The pair is going upwards. The potential target for the growth is the resistance 0.9000.
If the pair stops the growth it will bounce down to the level 0.8950.