CAD/CHF: ICHIMOKU INDICATORS ANALYSIS

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CAD/CHF: ICHIMOKU INDICATORS ANALYSIS
Scenario
TimeframeIntraday
RecommendationSELL
Entry Point0.6219
Take Profit0.6119
Stop Loss0.6247
Key Levels0.6191, 0.6262, 0.6158, 0.6307
CAD/CHF: ICHIMOKU INDICATORS ANALYSIS

Let's look at the four-hour chart. Tenkan-sen line is above Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is below the price chart, current cloud is descending. The instrument has broken down Tenkan-sen and Kijun-sen lines. One of the previous minimums of Chikou Span line is expected to be a support level (0.6191). The closest resistance level is Tenkan-sen line (0.6262).


CAD/CHF: ICHIMOKU INDICATORS ANALYSIS

On the daily chart Tenkan-sen and Kijun-sen lines have merged, the blue line is directed upwards, while the red one remains horizontal. Confirmative line Chikou Span has crossed the price chart from below, current cloud is descending. The instrument has been corrected to the Tenkan-sen line. One of the previous minimums of Chikou Span line is expected to be a support level (0.6158). One of the previous maximums of Chikou Span line is expected to be a resistance level (0.6307).


On the four-hour chart the instrument is still falling. On the daily chart we can see a correction of the downward movement. It is recommended to open short positions at current price with Take Profit at the level of previous minimum of Chikou Span line (0.6119) and Stop Loss at the level of Kijun-sen line (0.6247).


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