Sep 16, 2020, 8:14:24 PM

CAD/CHF: Ichimoku clouds

Let's look at the four-hour chart. Tenkan-sen line is below Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is crossing the price chart from below, current cloud is descending. The instrument has broken through Tenkan-sen and Kijun-sen lines. One of the previous minimums of Chikou Span line is expected to be a support level (0.6842). The closest resistance level is the upper border of the cloud (0.6930).

Let's look at the four-hour chart. Tenkan-sen line is above Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is crossing the price chart from above, current cloud is ascending. The instrument has entered the cloud. One of the previous minimums of Chikou Span line is expected to be a support level (0.6807). One of the previous maximums of Chikou Span line is expected to be a resistance level (0.7009).

On the four-hour chart the instrument is still falling. On the daily chart we can see a correction of the upward movement. It is recommended to open short positions at current price with Take Profit at the level of previous minimum of Chikou Span line (0.6842) and Stop Loss at the level of Kijun-sen line (0.6930).