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Forex: Ichimoku Clouds. Review of USD/CHF

USD/CHF, H4

On the four-hour chart Tenkan-sen line is below Kijun-sen, both lines are horizontal. Chinkou Span line is below the price chart, current cloud is ascending. The pair has broken down the cloud and is trying to consolidate below it. The closest resistance level is Tenkan-sen line at 0.9015. One of the previous minimums of Chinkou Span line is going to be a support level at 0.8948.

USD/CHF, D1

Let’s look at the daily chart. Tenkan-sen line has crossed Kijun-sen from above within the cloud. Chinkou Span is crossing the price chart from above; current cloud is ascending. The pair wasn’t able to consolidate above the cloud and returned within its borders. Senkou Span B line is the closest resistance level at 0.9024. The lower border of the cloud becomes a support level at 0.8942.

Key levels

Support levels:  0.9048, 0.8942.

Resistance levels:  0.9015, 0.9024.

Trading tips

On the four-hour chart the pair is consolidating below the cloud, the target for the short positions is 0.8948. On the daily chart the pair is trading within the cloud. Pending buy orders can be placed above the level of 0.9024.

 

Anastasiya Glushkova 
Analyst of LiteForex Group of Companies 

Friday, 07 Feb, 2014 / 11:52

Source : http://www.liteforex.com/

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