Friday, July 15, 2011

GBP/CHF Ichimoku Technical Analysis - 15 July 2011

H4: After refreshing all-time highs the GBP/CHF finally started a correction. During yesterday’s trading day the currency pair rate returned to the 1.3200 level.

In a 4-hour timeframe the bulls even tried to break into the Tenkan-Kijun channel, however they did not manage to do it yet as the bears are still putting pressure.

At the moment the trading is located under the horizontal Tenkan-sen (3). At the same time, the Chinkou Span is starting to get out of the zone of maximum deviation from the price graph.
Therefore, in the nearest time the correction might be over.

In case the bulls become more active, growth to the Kijun-sen level (4) is also possible.

H1: As a result of yesterday’s recovery in 1-hour graphs the prices appeared to be near the lower limit of the Ichimoku Cloud. Despite strong resistance, the Kijun-sen let the price advance further to form the Gold cross (5) with the Tenkan-sen. The cross is supporting upside players at the moment.

In the nearest time we should probably expect the short-term uptrend to remain if the Kijun-sen (4) can keep the price on current levels.

Otherwise if the pair fixates below it and the lower limit of the Cloud the downtrend is likely to be continued.

Performed by Vadim Idrisov, Analytical expert
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