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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, they are both horizontal. The pair has slowed down its fall and is trading below the resistance level of 0.8750. Chinkou Span line is below the price chart, current cloud is descending. One of the previous minimums of the Chinkou Span line is expected to be a support level at 0.8725.

USD/CHF, D1

Let’s look at the daily chart. Tenkan-sen line is below Kijun-sen, the red line is directed downwards, while the blue one remains horizontal. Chinkou Span line is below the price chart, current cloud is descending. The pair has broken down the cloud and is still falling. The closest resistance level is Tenkan-sen line (0.8785). One of the previous minimums of the Chinkou Span line is expected to be a support level at 0.8600.

Key levels

Support levels:  0.8725, 0.8600.

Resistance levels:  0.8750, 0.8785.

Trading tips

On the four-hour chart the pair has slowed down its fall, however, on the daily chart Bearish trend is still strong. Targets for the short positions are 0.8725 and 0.8600.

 

Anastasiya Glushkova

Analyst of LiteForex Investments Limited

Wednesday, 07 May, 2014 / 9:41

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

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