CAD/CHF: Ichimoku indicators analysis
| Scenario | |
|---|---|
| Timeframe | Intraday |
| Recommendation | BUY |
| Entry Point | 0.6253 |
| Take Profit | 0.6308 |
| Stop Loss | 0.6240 |
| Key Levels | 0.6245, 0.6275, 0.6214, 0.6269 |
Let's look at the four-hour chart. Tenkan-sen line is below Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is below the price chart, current cloud has reversed from ascending to descending. The instrument has broken through Tenkan-sen and Kijun-sen lines. Borders of the cloud serve as the closest support (0.6245) and resistance (0.6275) levels
On the daily chart Tenkan-sen line is above Kijun-sen, the lines are horizontal . Confirmative line Chikou Span has crossed the price chart from above, current cloud has reversed from descending to ascending. The instrument is trading around lower border of the cloud. Borders of the cloud serve as the closest support (0.6214) and resistance (0.6269) levels
On the four-hour chart we've got a signal of trend reversal from descending to ascending. On the daily chart we can see a correction of the downward movement. It is recommended to open long positions at current price with Take Profit at the level of previous maximum of Chikou Span (0.6308) line and Stop Loss at the level of Kijun-sen line (0.6240).
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