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. After long fall the pair has been corrected above the red line. Tenkan-sen (0.8964) and Kijun-sen (0.9000) lines have become support and resistance level respectively.
USD/CHF, D1
Let’s look at the daily chart. Tenkan-sen line has crossed Kijun-sen from above within the cloud, forming a signal to sell. Chinkou Span line has crossed the price chart from above; current cloud is ascending. The pair is still trading within the cloud, the closest resistance level is Tenkan-sen line at 0.9011. The lower border of the cloud becomes a support level at 0.8952.
Key levels
Support levels: 0.8964, 0.8952.
Resistance levels: 0.9000, 0.9011.
Trading tips
On the four-hour chart the pair is consolidating below the cloud, further movement will be determined by the brealdown of one of the levels: Tenkan-sen (0.8964) or Kijun-sen (0.9000). On the daily chart the pair is trading within the cloud. Pending sell orders can be placed below the level of 0.8952.
Anastasiya Glushkova
Analyst of LiteForex Group of Companies