4H

General situation:
On April 16 the USD/CHF pair resumed its growth and having formed the new seller signal – the Golden Cross, passed through the Ichimoku Cloud towards the first resistance level. The current signal for Sell-deals is confirmed and strong, as Chinkou Span is fixed higher than the price chart and the price has overcome the Ichimoku Cloud. That is why the target for the ascending movement is seen at the first resistance level 0.9243. In case it has been overcome, the new target for bullish trading – the second resistance level 0.9292 – will be available. Ascending movement remains the same as long as the price is located above the Kijun-Sen (0.9165). While bearish trading below this line it is recommended to Place Stop Loss. If the price goes higher than this line, the signal for Buy-deals will weaken and the further elaboration of the ascending movement will be questioned. Chinkou Span is located above the price chart confirming the current signal for Buy-deals and indicating the bullish mood on the USD/CHF market. Bollinger Bands indicates the current ascending movement, lines are expanding and directed upwards, so it is recommended to consider long positions. MACD is reversed to upwards showing the current uprising price movement that is why the indicator allows opening orders for Buy-deals. In case MACD reverses to downwards, it will probably indicate the beginning of the correction.

Trading recommendation:
On the USD/CHF market it is recommended to consider long positions with first target seen at the 0.9243 level. When the price passes this level through, it is preferable to take into account the level 0.9292. Stop Loss is to be placed below 0.9165; in case this line goes higher, Stop Loss could be replaced after it. Long positions are to be reduced in case MACD reverses to downwards. With 50-60 pips of profit it is recommended to place Stop Loss into the zero area.

Apart from the technical picture it is necessary to consider the fundamental data and the time of its release.

Explanations to the picture:

Ichimoku Indicator:
Tenkan-Sen – red line
Kijun-Sen – blue line
Senkou Span A – light brown dotted line
Senkou Span B – light blue dotted line
Chinkou Span – green line
Senkou Span B – violet dotted line
Bollinger Bands:
3 yellow lines
MACD Indicator:
Red line and the histogram with white bars in the indicators window.

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