Forex: Ichimoku Clouds. Review of USD/CHF
USD/CHF, H4
On the four-hour chart Tenkan-sen line has crossed Kijun-sen from above under the cloud, indicating new wave of the downward movement. Chinkou Span line is approaching the price chart from below once again; current cloud is descending. The pair wasn’t able to reach the cloud and went down, however it is rising back to the Tenkan-sen line. Kijun-sen line is the closest resistance level at 0.9065. The pair will meet a support at the level of 0.9030 (previous low of Chinkou Span line).
USD/CHF, D1
Let’s look at the daily chart. Tenkan-sen line has crossed Kijun-sen from above within the cloud, giving a weak signal to sell. Chinkou Span line is approaching the price chart from above; current cloud is ascending. The pair is still trading within the cloud; its lower border is a support level at 0.9062. The closest resistance level is Tenkan-sen line at 0.9085.
Key levels
Support levels: 0.9030, 0.9026.
Resistance levels: 0.9065, 0.9085.
Trading tips
On the four-hour chart we’ve got a signal to sell from Tenkan-sen and Kijun-sen lines, the target for the short positions is 0.9030. On the daily chart the price is still within the cloud, pending sell orders can be placed below the lower border of the cloud (0.9026).
Anastasiya Glushkova
Analyst of LiteForex Group of Companies
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EUR/USD: general analysis
Current trend
Yesterday, Euro strengthened against the USD reaching the level of 1.613 amid favourable news from Spanish labour market. Traders are waiting for the new program of ECB to stimulate business in Eurozone. Former member of ECB, who is now a financial adviser Jose Vilnas suggested that considering low inflation and consistently high unemployment rate, European regulator can reduce interest rates in order to accelerate economic recovery
Support and resistance
The nearest resistance levels on the daily chart are the local highs of 1.3600 and 1.3621, the latter one coincides with 61.8% of Fibonacci retracement. The targets of the “bulls” are 1.3650 and 1.3710 (Fibonacci retracement of 76.4%). Support levels are1.3550,1.3523 and 1.3489.
Trading tips
Today it makes sense to place buy orders from the level of 1.3600 with stop loss at the level of 1.3580 and profit taking at the level of 1.3650.
Andrey Cherkas
Analyst of LiteForex Group of Companies
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