USD/CHF: Ichimoku analysis (Jan. 24)
Daily. Last week the bulls were unable to overcome the resistance at 0.9120 to continue the short-term uptrend. Because of this the pair fell sharply on Thursday to the negative territory, where it’s supported only by Kijun-sen at 0.8965. Thus, further recovery is questionable. If the market doesn’t stay at current levels, the basic downtrend may resume.
Chart. Daily USD/CHF
H4. After a long consolidation over the line Kijun-sen the pair fell to support at the lower boundary of Ichimoku Cloud. Note that bears tried to test these levels last week, but the bulls were stronger back then. However, now the situation is ambiguous. In the near future we may expect a rebound to the Tenkan and Kijun lines.
Chart. H4 USD/CHF
Tatyana Norkina, FBS analyst