FBS: trade recommendation for USD/CHF
Tatiana Norkina, FBS analyst
Currency pair updated the highs yesterday, recovering to 0.9690 in the morning. However, just after that there followed a decrease in the rate of 0.9640 support area. The bearish sentiment also persists today.
Ichimoku. Obviously, this reduction is yet the corrective one. We see an overbuy on the four-hour time frame and there’s also a powerful resistance in the 0.9670 area observed.
On the hourly timeframe Tenkan and Kijun canceled the action of golden cross and may soon form the dead one. This morning the couple came into the cloud and the consolidation will take place here in the nearest future. Depreciation to the lower boundary of the cloud is possible.
Technical levels: Support - 0.9615 / 20; resistance - 0.9650.
1. Buy - 0.9660; SL - 0.9640; TP1 - 0.9700; TP2 - 0.9725.
2. Sell - 0.9640; SL - 0.9660; TP1 - 0.9615; TP2 - 0.9575.