USDCHF: Weekly review (16/01)
Tatiana Norkina, FBS analyst
Daily. The unexpected decisions of the National Bank of Switzerland this week plunged markets into shock. Franc soared against the dollar, forcing the considered currency pair dropped from 1.0200 to 0.7300, almost to the levels of 2011. Accordingly, the technical picture is now completely broken, because all Ichimoku lines headed straight down. Speculative attempts to restore the course in the area of 94th figure might appear in the near future.
Graph. Daily USD/CHF
H4. Here situation is broadly similar. But the redemption of currency pair that followed after the collapse has led to consolidation and, accordingly, to expancion of Ichimoku lines in the horizontal direction.
In case of breakdown of 89th figure resistance we will wait for further corrective recovery. Otherwise – for further depreciation in the direction of the 80th figure.
Graph. H4 USD/CHF