Forex: Ichimoku Clouds. Review of USD/CHF for December 26, 2013

December 26, 2013

USD/CHF, H4

On the four-hour chart Tenkan-sen line has crossed Kijun-sen from above, forming a reversal pattern. However, the downward impetus hasn’t been enough, and the pair is still above Tenkan-sen line, which becomes a support level at 0.8947. Chinkou Span line is approaching the price chart from above; current cloud is ascending. One of the previous maximums of the Chinkou Span line is going to be a resistance level at 0.8990.

USD/CHF, D1

Let’s look at the daily chart. Tenkan-sen line is below Kijun-sen, they are both horizontal. Chinkou Span is below the price chart; current cloud is still descending. After a long fall the pair has been corrected above Tenkan-sen line (0.8916), which has become a support level now. The closest resistance level is Kijun-sen line at 0.9011.

Key levels

Support levels:  0.8947, 0.8916.

Resistance levels:  0.8990, 0.9011.

Trading tips

On the four-hour chart short positions can be opened after the cross of Chinkou Span line and the price chart. Daily chart shows us a correction of the descending movement, the targets for the sell positions are around 0.8916.

Anastasiya Glushkova 
Analyst of LiteForex Group of Companies

Publication source
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