USD/CHF: Ichimoku analysis (Mar. 7)
Tatiana Norkina, FBS analyst
Daily. At the beginning of the week USD/CHF corrected towards the Tenkan-sen, returning towards the 0.8900 figure. The bearish market sentiment was confirmed on the next day, when the prices failed to fix inside of the Tenkan-Kijun channel and plummeted towards the past week's lows. Obviously, the downward trend will be continued in the near term. However, the oversold conditions can provoke a consolidation period.
Chart. Daily USD/CHF
H4. We see that the corrective recovery extended until the pair reached the lower Ichimoku bottom. But in the second half of the week sellers returned to the market and the bearish trend remained in place. There is a high chance of a deeper decline.
Chart. H4 USD/CHF