Forex: Ichimoku Clouds. Review of USD/CHF
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
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EUR/USD: review
Current trend
Yesterday, the pair EUR/USD rose above the level of 1.3800; however it failed to consolidate at this level for long. Nevertheless, this fact did not have a chilling effect on the “bulls” and at the moment Euro is trading at the level of 1.3790 against the USD. The main target of the buyers is to exceed the highs of this year at the level of 1.3832, which was broken down in October. If the pair consolidates above this level, it will open the way to the new highs at level of 1.4000.
Support and resistance
Support levels are 1.3740 (yesterday’s lows), 1.3692 (lows of Monday) и 1.3620 (Fibonacci retracement). Resistance levels 1.3810 (yesterday’s highs) and 1.3620 (highs of 2013).
Trading tips
In the short-term the pair will test the level of 1.3832 and correct downward. It is recommended to place limited sell orders from the level of 1.3825 with protective orders near 1.3835-1.3840 and ptofit taking at the level of 1.3700.
Andrey Cherkas
Analyst of LiteForex Group of Companies
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