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Trader, analyst and instructor with a 6-year experience

USD/CHF: Ichimoku analysis

Daily. USD/CHF last week didn’t manage break resistance at 0.9170. Kijun-sen has played a crucial role on the daily chart: the market recoiled down from this line and resumed decline. In recent days the pair has renewed October lows and hit 2012 lows – the pair’s trading in the 0.9000 area. Thus, the bearish trend will be maintained in the near future. Ichimoku indicator on the daily chart points at selling. The cloud’s expanding downwards, the dead cross is in place. Long term objectives of sellers may be at 0.8850 and 0.8580.

Chart. Daily USD/CHF

H4. At H4 the situation has changed to bearish. Last week the pair failed to enter the positive area: it was stopped by resistance created by the upper limit of the Ichimoku cloud. The fact that the greenback retested 0.9170 didn’t produce any significant effect, so the bulls left the market. As a result, the pair turned down and resumed the downward trend. Ichimoku indicator became bearish: the cloud is expanding down, Tenkan and Kijun formed the dead cross (C). Therefore we should expect the downtrend to strengthen.

Chart. H4 GBP/USD

CHF
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