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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, red line is directed downwards, while the blue one remains horizontal. Chinkou Span line is following the price chart, current cloud is descending. The closest support level is Tenkan-sen line (0.8872). The next obstacle for the price on its way up will be the lower border of the cloud at 0.8890.

USD/CHF, D1

Let’s look at the daily chart. Tenkan-sen line is below Kijun-sen, both lines are directed downwards. Chinkou Span line is below the price chart; current cloud had reversed from ascending to descending. The pair has broken down the cloud and is still falling. The closest resistance level is Tenkan-sen line (0.8897). One of the previous minimums of Chinkou Span line is expected to be a support level at 0.8788.

Key levels

Support levels:  0.8872, 0.8788.

Resistance levels:  0.8890, 0.8897.

Trading tips

On the both charts we can see a slowdown of the downward movement. Target for the short positions is 0.8788.

 

Anastasiya Glushkova 
Analyst of LiteForex Group of Companies 

Wednesday, 26 Feb, 2014 / 9:55

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

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