We prefer to go long in USD/CHF Long

U.S. Dollar/Swiss FrancFXCM

Description

⋅ Dec 5, 2014 8:53 AM

Short term trend: Bullish
Ichimoku analysis (4 Hour chart):
Tenkan-Sen level: 0.9722
Kijun-Sen level: 0.9705
Ichimoku cloud top: 0.9648
Ichimoku cloud bottom: 0.9628

USD/CHF has recovered after making low of 0.9648. Overall trend is bullish as long as support 0.9600 holds.
The pair’s minor support is around 0.9648 (trend line joining 0.95296 and 0.9614) and any break below will target 0.9600/0.9550 in short term. The pair has formed temporary top around 0.97949 and any break of 0.97949 would extend gain to 0.9886 (161.8% retracement of 0.97949 and 0.96482) and 0.9970.

Recommendation: Buy USD/CHF around 0.9680, SL 0.9600, Target 0.9970.

Comments

IvanLabrie

⋅ Dec 7, 2014 2:12 PM

So that implies the ending diagonal or wolfe waves pattern might overshoot the trendline up to that level (which is common btw)
Thanks for sharing.