USD/CHF: consolidation continues
Tatiana Norkina, FBS analyst
Yesterday, the bulls had to retreat from the highs as a result of the US dollar weakening. In the course of the day, the currency pair rate collapsed into the four-hour Ichimoku cloud, testing the local support in the 96th figure area. However, we see that the bulls are not eager to give up - by the end of the day, the prices have returned to the upper border of the cloud. The golden cross formed by the Tenkan and Kijun lines retained its relevance. Therefore, transition into the positive area will be considered as a signal for the uptrend continuation. At the same time, the cloud range has narrowed significantly due to long-term consolidation at the current levels.
Oscillators are also indicating slowing down of the upward trend, moving laterally.
Technical levels: support – 0.9600, 0.9630; resistance – 0.9660.
1. Buy — 0.9650; SL — 0.9630; TP1 — 0.9700; TP2 — 0.9740.
2. Sell — 0.9630; SL — 0.9650; TP1 — 0.9590; TP2 — 0.9550.