Tatyana graduated from Bashkir State University with the major of Applied Mathematics and IT. She used to work as a system analyst in a large IT company. Entered the financial markets in 2008. Her trading system is based on classical technical analysis, Ichimoku indicator and the elements of fundamental analysis. Tatyana is very dedicated to her family and children. In her free time she enjoys rising a bicycle.

USD/CHF: correction is close (June 5)

Tatyana Norkina, FBS analyst

The currency pair keeps consolidating in a narrow range. The sideways channel doesn’t allow the bulls to continue the underlying trend. On H4 there’s an uptrend. Obviously, in this situation it would be logical to assume that an overdue correction is coming.

  1. This will happen if the prices break and fix below the upper limit of support for the four- Ichimoku Cloud on H4. Support is at 0.8960/0.8965. The pair was trading in this area at the moment of writing.

On H1 here is the lower boundary of the Cloud (Senkou Span B), which, as you know, is the most powerful line. The break of this level would mean the fall of the currency pair at least to 0.8935. In the longer term can USD/CHF can test lower limits of the H4 Cloud near 0.8850.

Technical levels: support - 0.8964, 0.8934; resistance - 0.8974, 0.8990.

Trade recommendations:

1. Sell — 0.8960; SL — 1.8975; TP1 — 0.8935; TP2 — 0.8850.

2. Buy — 0.8974; SL — 1.8960; TP1 — 0.8990; TP2 — 0.9010.

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