CAD/CHF: Ichimoku clouds 15 September 2017, 08:14

CAD/CHF: Ichimoku clouds

15 September 2017, 08:14

Scenario
Timeframe	Weekly
Recommendation	BUY
Entry Point	0.79194
Take Profit	0.85190
Stop Loss	0.77431
Key Levels	0.79232, 0.78235, 0.78782, 0.85190

Let's look at the four-hour chart. Tenkan-sen line is above Kijun-sen, the blue line is directed upwards, while the red one remains horizontal. Confirmative line Chikou Span is above the price chart, current cloud is ascending. The instrument is trading between Tenkan-sen and Kijun-sen lines. The closest support level is Kijun-sen line (0.79232). The closest resistance level is Tenkan-sen line (0.78782).



On the daily chart Tenkan-sen line is above Kijun-sen, the red line is directed upwards, while the blue one remains horizontal. Confirmative line Chikou Span is above the price chart, current cloud is ascending. The instrument is trading above Tenkan-sen and Kijun-sen lines; the Bullish trend is still strong. The closest support level is Tenkan-sen line (0.78235). One of the previous maximums of Chikou Span line is expected to be a resistance level (0.85190).

It is recommended to open long positions at current price with Take Profit at the level of previous maximum of Chikou Span (0.85190) line and Stop Loss at the level of Kijun-sen line (0.77431).