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USD/CHF: Ichimoku analysis

Daily. There has finally been a positive movement on the dollar/franc market after four days of consolidation on local minimums around the 0.9100 figure. It seems that the market has found good support there and is now set for corrective recovery. Tenkan-Sen (TS) can become the initial target of the bulls (0.9200). However, there are a couple of strong levels they need to be overcome - 0.9140 and 0.9175. Daily timeframe, however, looks rather bearish. Ichimoku cloud is bearish, there is a dead cross (C). Therefore, we expect a further decline after the bullish correction will be over.

Chart. Daily USD/CHF

H4. Last week’s price fix below the Ichimoku cloud added to the negative picture on the H4 chart. Over the past few days the pair fell through all levels of support in this time frame. The cloud has strongly expanded down, confirming the bearish sentiment. However, supported at the 0.9100 figure, the currency pair is trying to gain a foothold above the Tenkan and Kijun (C), which are currently directed sideways. Prices may recover to the bottom of the cloud.

Chart. H4 USD/CHF

Tatiana Norkina for FX Bazooka

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