USD/CHF: Ichimoku analysis (Nov. 8)
Daily. USD/CHF has retained the positive mood. During the past week the pair rebounded to the bottom of the Ichimoku Cloud on the daily timeframe, but resistance if Senkou Span A did little to prevent bullish interest. On Thursday US dollar jumped to the level of 0.9250, which is quite far from the main resistance level formed by the upper limit of the Ichimoku Cloud. It’s quite obvious that the bulls won’t be satisfied and will continue to advance. Note that Tenkan and Kijun formed a golden cross (C), which is also an indicator of positive sentiment in the market.
Chart. Daily USD/CHF
H4. On H4 the situation is in favor of the bulls. Over the past week the pair finally broke the range of strong resistance levels, the upper limit of which was at 0.9150. Only on Thursday the bulls finally managed to break above this level. The Ichimoku Cloud switched to the positive state which implies further development of the bullish trend. To continue the recovery, the currency pair has to consolidate above Tenkan and Kijun (0.9175). Growth target lies at 0.9300.
Chart. H4 USD/CHF
Tatyana Norkina for FBS