USD/CHF: correction has started
Tatyana Norkina, FBS analyst
The currency pair seemed to start the long-awaited correction, but the support at 0.8910 forced the pair up to the recent levels and recover to the levels around 0.8975. Even if the correction continues, it will take a long time.
Ichimoku indicator. This is confirmed by the Ichimoku lines. There’s a Dead Cross formed by Tenkan and Kijun at H4. The Ichimoku Cloud in recent days has dramatically narrowed which may mean that it will soon change direction.
At H1 the situation is the opposite. Yesterday Tenkan and Kijun built a Golden Cross, while the Cloud has shrunk.
In such situation the bulls may be stopped by resistance at 0.8975. But the proximity of powerful supports at 0.8910 and 0.8930 will the bears.
Technical levels: support - 0.8910, 0.8930, 0.8950; resistance - 0.8975, 0.8990.
1. Sell - 0. 8975; SL - 1.8995; TP1 - 0.8950; TP2 - 0.8930.
2. Buy - 0.8910; SL - 1.8890; TP1 - 0.8950; TP2 - 0.8960.