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