USD/CHF: Ichimoku analysis (May 16)
Tatiana Norkina, FBS analyst
Daily. Bullish sentiment pushed the pair up into the positive zone. Consolidation at the upper border of the Cloud was short-lived, the pair is now on the way to the new highs. As a result, the pair formed a new 3-month high, recovering to 0.8960. However, by the end of the week the market retraced lower to the 0.8900 figure. Ichimoku indicator is bullish these days.
Chart. Daily USD/CHF
H4. The Cloud is also bullish on this timeframe. Ichimoku is widening, while Tenkan and Kijun lines formed a golden cross earlier in the week. However, the overbought market conditions limit the upside. Prices slipped below the lines later in the week - fix below could cause a deeper correction to the lover border of the Cloud.
Chart. H4 USD/CHF