USD/CHF: waiting for correction
Tatiana Norkina, FBS analyst
Last week, the currency pair moved into the positive area, having broken the resistance of the four-hour Ichimoku cloud. Highs, that are now in the 0.9850 area, have been updated. Currently, trades are being carried out around these levels - yesterday the bulls took advantage of the Tenkan support and took the offensive again.
Ichimoku indicator is yet quite optimistic. The cloud is widening upwards, the golden cross is not losing relevance. At the same time, Chinkou Span, as seen on the chart, is in the zone of overboughtness. It is possible that the pair may correct deep into the Tenkan-Kijun channel in the near future.
Oscillators are neutral yet, but RSI is also in the zone of overboughtness.
Technical levels: support – 0.9700, 0.9765; сопротивление – 0.9850.
1. Buy — 0.9765; SL — 0.9745; TP1 — 0.9820; TP2 — 0.9850.