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Forex: Ichimoku Clouds. Review of USD/CHF
USD/CHF, H4
On the four-hour chart Tenkan-sen line has crossed Kijun-sen from above, forming a Dead Cross reversal pattern. Under the pressure of the Cross the price has entered the cloud. Chinkou Span line is following the price chart; current cloud is going to turn from ascending to descending. Cloud borders have become the closest support (0.9094) and resistance (0.9171) levels.
USD/CHF, D1
Let’s look at the daily chart. Tenkan-sen line is above Kijun-sen, the red line is directed upwards, while the blue one remains horizontal. Chinkou Span line is above the price chart; current cloud is descending. The pair weren’t able to consolidate above the cloud and returned within its borders. Senkou Span A line (0. 9129) is the closest support level. Flat Kumo top is a strong resistance level at 0.9212.
Key levels
Support levels: 0.9129, 0.9094.
Resistance levels: 0.9171, 0.9212.
Trading tips
On the both charts the pair USD/CHF is trading within a cloud, it is not advised to open new positions at current price. However, pending buy orders can be placed above the resistance level of 0.9212. Anastasiya Glushkova
Analyst of LiteForex Group of Companies
Anastasiya Glushkova
Analyst of LiteForex Group of Companies
Thursday, 14 Nov, 2013 / 9:17
Source : https://www.liteforex.com/
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