CAD/CHF: Ichimoku clouds 05 December 2018, 07:18

CAD/CHF: Ichimoku clouds

05 December 2018, 07:18

Scenario
Timeframe	Intraday
Recommendation	SELL STOP
Entry Point	0.7509
Take Profit	0.7470
Stop Loss	0.7550
Key Levels	0.7470 0.7509 0.7550 0.7580

Alternative scenario
Recommendation	BUY STOP
Entry Point	0.7550
Take Profit	0.7598
Stop Loss	0.7509
Key Levels	0.7470 0.7509 0.7550 0.7580

Let's look at the four-hour chart. Tenkan-sen line is above Kijun-sen, both lines are directed downwards. Confirmative line Chikou Span is above the price chart, current cloud is ascending. The instrument has entered the cloud. The closest support level is the lower border of the cloud (0.7509). The closest resistance level is the lower border of the cloud (0.7550).



On the daily chart Tenkan-sen line is below Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is below the price chart, current cloud is descending. The instrument is trading around lower border of the cloud. One of the previous minimums of Chikou Span line is expected to be a support level (0.7470). The closest resistance level is Kijun-sen line (0.7580).

On the four-hour chart the instrument is trading within the cloud. On the daily chart the Bearish trend is still strong. It is not recommended to open positions at current price. Pending orders should be placed at the cloud’s borders: sell at the level of 0.7509, with Take Profit at 0.7470 and Stop Loss at 0.7550; buy at the level of 0.7550, with Take Profit at 0.7598 and Stop Loss at 0.7509.