FBS: trade recommendation for USD/CHF
Tatyana Norkina, FBS analyst
The currency pair consolidated below the Ichimoku Cloud on the hourly chart. Major support was formed at 0.9555. Bears managed to break this level to the downside by the end of the day.
Ichimoku. The H1 picture is bearish. The pair has also pulled below the following support at 0.9530 and fixed below. Tenkan-sen and Kijun-sen formed a dead cross, bearish Cloud has become stronger. At the same time, on both timeframes we see a strong support at 0.9490. There is a chance for a short-term bounce higher followed by a new wave of sales.
Technical levels: support – 0.9465, 0.9490; resistance – 0.9530, 0.9555.
Buy — 0.9490; SL — 0.9470; TP1 — 0.9530; TP2 — 0.9555.