FBS: trade recommendation for USD/CHF
Tatyana Norkina, FBS analyst
The pair reached an important resistance at 0.9575 we've discussed in the previous review. Bulls started closing long positions after a 2-day consolidation. The exchange rate fell to the 0.9525 support.
Ichimoku. However, we are still not sure that the bullish trend is over. The H4 Ichimoku is positive: we see an active golden cross, formed by the Tenkan and Kijun lines. The Cloud is bullish. The lines are lying sideways, this may signal a correction. Kijun is acting as a support in the 0.9520 area. On the H1 chart the pair is trading within the Cloud. In a short-term prospective we are looking for sales with a target of 0.9510.
Technical levels: support – 0.9510, 0.9525; resistance – 0.9545, 0.9570.
Sell — 0.9545; SL — 0.9565; TP1 — 0.9510; TP2 — 0.9490.