CAD/CHF: ICHIMOKU INDICATORS ANALYSIS

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CAD/CHF: ICHIMOKU INDICATORS ANALYSIS
Scenario
TimeframeIntraday
RecommendationSELL
Entry Point0.6479
Take Profit0.6356
Stop Loss0.6516
Key Levels0.6292, 0.6356, 0.6516, 0.6537
CAD/CHF: ICHIMOKU INDICATORS ANALYSIS

Let's look at the four-hour chart. Tenkan-sen line is below Kijun-sen, both lines are directed downwards. Confirmative line Chikou Span is below the price chart, current cloud is descending. The instrument is trading below Tenkan-sen and Kijun-sen lines; the Bearish trend is still strong. The closest support level is the lower border of the cloud (0.6516). One of the previous maximums of Chikou Span line is expected to be a resistance level (0.6356).


CAD/CHF: ICHIMOKU INDICATORS ANALYSIS

On the daily chart Tenkan-sen line is below Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is below the price chart, current cloud is going to reverse from ascending to descending. The instrument is trading below Tenkan-sen and Kijun-sen lines; the Bearish trend is still strong. The closest support level is Kijun-sen line (0.6537). One of the previous maximums of Chikou Span line is expected to be a resistance level (0.6292).


On the both charts the instrument is still falling. It is recommended to open short positions at current price with Take Profit at the level of previous minimum of Chikou Span line (0.6356) and Stop Loss at the level of Kijun-sen line (0.6516).

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