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Trader, analyst and instructor with a 6-year experience

USD/CHF: Ichimoku analysis (Dec. 6)

Daily. US dollar is losing ground against Swiss franc. In the past week the pair dropped by almost 100 pips, forming a low at 0.8955. On the daily chart this means that the prices went below the Ichimoku Cloud, to the negative zone. All lines of the Indicator also rebuilt. Tenkan and Kijun formed the Dead Cross (C) and the Ichimoku Cloud has now bearish tone. Also note that the Chinkou Span is located under the price chart. In other words, the downward trend has resumed.

Chart. Daily USD/CHF

H4. Early in the week the prices tested the lower boundary of Ichimoku Cloud around 0.9100. Unable to overcome this resistance, the bulls were forced to retreat, and the greenback renewed last week’s lows: 0.9030 support failed to hold and the price dropped to minimum. Tenkan and Kijun during this time regrouped and formed the Dead Cross (C). The Cloud still has a bearish tone and continues to decline. Targets at 0.8950 and 0.8930 may be hit early in the coming week.

Chart. H4 USD/CHF

Tatyana Norkina, FBS analyst

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