FBS: trade recommendation for USD/CHF
Tatyana Norkina, FBS analyst
Bulls stayed below the strong 0.9190/0.9200 area on Wednesday. The pair retraced into the support area 0.9140 intraday.
Ichimoku. This is a clear corrective move. In the recent weeks the exchange rate jumped higher, so the bears have to play back at least a part of this growth.
On the H4 chart the price dipped below the Tenkan and Kijun lines. If a short-term bearish cross is built, we'll expect to see the price at 0.9100 very soon.
The hourly chart also reflects the bearish success: dead cross and a narrow descending Cloud. The pair trades below the H1 Ichimoku. If bears fix below the Cloud, we'll get an additional selling signal.
Technical levels: support – 0.9100, 0.9120; resistance – 0.9140, 0.9155.
1. Sell — 0.9140; SL — 0.9160; TP1 — 0.9120; TP2 — 0.9100.