After long fall the price has been corrected above Tenkan-sen line

December 12, 2013

USD/CHF, H4

On the four-hour chart Tenkan-sen line is below Kijun-sen, both lines are horizontal. Chinkou Span line is below the price chart; current cloud is descending. After long fall the price has been corrected above Tenkan-sen line, which becomes a support level at 0.8862. Kijun-sen line is the closest resistance level at 0.8912.

USD/CHF, D1

Let’s look at the daily chart. Tenkan-sen line has crossed Kijun-sen from above within the cloud, giving a signal to sell. Chinkou Span has crossed the price chart from above; current cloud has reversed from ascending to descending. The pair has broken down the cloud and is still falling. The closest resistance level is Tenkan-sen line at 0.8975. One of the previous minimums of the Chinkou Span line is expected to be a support level at 0.8780.

Key levels

Support levels:  0.8862, 0.8780.

Resistance levels:  0.8912, 0.8975.

Trading tips

On the four-hour chart we can see a correction of the downward movement. On the daily chart Bearish movement is still strong. The target for the short positions is 0.8780.

Anastasiya Glushkova 
Analyst of LiteForex Group of Companies

Publication source
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