FBS: trade recommendation for USD/CHF
Tatiana Norkina, FBS analyst
As a result of the last week’s corrective decline the pair tested important support level of 0.9040, and then the whole day yesterday bulls tried to regain the lost ground. But resistance at 0.9070 prevented them from succeeding.
Ichimoku indicator. This powerful level was formed by Tenkan and Kijun on H4. Note almost in this area a dead cross was formed, which eventually confirmed the market’s desire to correct lower.
On H1 near this mark one can also observe the accumulation of the important indicator lines. Note that the horizontal upper boundary of the Cloud twice held bulls. The return of the prices under the Cloud will threaten to intensify the short-term downtrend. In this case we will expect a continuation of corrective decline to 0.9000.
Technical levels: support - 0.9000, 0.9040, 0.9060; resistance - 0.9070, 0.9095 / 0.9100.
1. Sell - 0.9060; SL - 0.9085; TP1 - 0.9040; TP2 - 0.9005.