Intraday Market Analysis – Recovery Momentum
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Forex: Ichimoku Clouds. Review of USD/CHF
USD/CHF, H4
On the four-hour chart Tenkan-sen Line is above Kijun-sen, they are both horizontal. Chinkou Span line is above the price chart; current cloud is ascending. The closest support level is Tenkan-sen line (0.9027). One of the previous maximums of Chinkou Span line is going to be a resistance level at 0.9094.
USD/CHF, D1
Let’s look at the daily chart. Tenkan-sen and Kijun-sen lines are getting closer and going to form a reversal pattern. Chinkou Span is approaching the price chart from below; current cloud is still descending. The pair has broken through Tenkan-sen and Kijun-sen lines; the latter has become a support level at 0.8955. The next obstacle for the price on its way up will be the lower border of the cloud (0.9084).
Key levels
Support levels: 0.9027, 0.8955.
Resistance levels: 0.9094, 0.9084.
Trading tips
On the four-hour chart we can see a slowdown of the upward movement; however, the same movement on the daily chart is a long correction of Bearish trend. Targets for the long positions are at 0.9094 and 0.9084.
Anastasiya Glushkova
Analyst of LiteForex Group of Companies
Tuesday, 07 Jan, 2014 / 8:23
Source : https://www.liteforex.com/
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