USD/CHF: Ichimoku analysis (Dec. 13)
Daily. The pair renewed last week the weekly lows and fell to $0.8840, but by the end of the week returned to previous levels around 0.8900. The market players don’t want to leave these levels as USD/CHF is oversold. Chinkou Span is actually in the zone of maximum distance from the price chart. As a result, in the near future prices can enter the sideways range with the upper limit formed by Tenkan-sen (TS). Note that the main downward trend of is supported by the Dead Cross (C).
Chart. Daily USD/CHF
H4. At H4 the market has returned to the area between the lines Tenkan and Kijun and the Ichimoku Cloud. A fix above Kijun-sen (KS) may provide additional impulse for USD purchases and lead to an increase in the direction of the Cloud’s bottom. In this case Tenkan and Kijun will likely form a Golden Cross and the short-term trend will become bullish.
Chart. H4 USD/CHF