USD/CHF: Ichimoku analysis (Nov. 28)
Daily. USD/JPY bulls are in a good mood. In the recent days the pair has climbed dramatically and reached the first target levels – 101.30. But the second goal – 102.30 – still calls for new purchases. However, the bulls don’t have to worry. Ichimoku indicator on the daily timeframe looks very positive: all lines of the indicator are going up. Therefore, in the short term, we are expecting a break of resistance at 101.30 and further recovery. In the beginning of the next week there may be some consolidation at the current levels.
Chart. Daily USD/JPY
H4. On the H4 chart the trend is the same. Ichimoku here indicates a clear superiority of bulls. The only thing that can slow down the rapid recovery is the fact that the currency pair is overbought. Chinkou span confirms that the market is overheated. In addition, Tenkan-sen and Kijun-sen unexpectedly went sideways. And it can mean that the short-term sideways trend may start soon.
Chart. H4 USD/JPY
Tatyana Norkina, FBS analyst