Fort Financial Services - Analytics

    Fort Financial Services

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    USD/CHF (a 4-hour chart)

    USD/CHF (a 4-hour chart)

    General overview

    The market is consolidating. Some optimism inspires more or less clear picture in the United States. The Fed noted the labor market improvement, but it was not more aggressive than expected when it came to the Fed's rate hike timing. The US second quarter GDP data showed an increase by 2.3% q/q vs. 2.5% q/q. The separate report showed that initial jobless claims amounted to 267k vs. 270k.

    The pair USD/CHF tested the level of 0.9700 / 10, then the correction has started and currently the pair is under pressure.

    The price is finding the first support at 0.9650, the next one is at 0.9540. The price is finding the first resistance at 0.9760, the next one is at 0.9850.

    The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show an upward movement.

    The MACD indicator is in a positive territory. The MACD is decreasing.

    Trading recommendations

    We expect the growth. The pair may rebound downwards to the level of 0.9650. After that the growth to 0.9850 will be continued.

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