CAD/CHF: Ichimoku clouds 28 January 2019, 08:27

CAD/CHF: Ichimoku clouds

28 January 2019, 08:27

Scenario
Timeframe	Intraday
Recommendation	BUY
Entry Point	0.7511
Take Profit	0.7580
Stop Loss	0.7484
Key Levels	0.7466 0.7484 0.7580 0.7582

Let's look at the four-hour chart. Tenkan-sen and Kijun-sen lines have merged, the lines are 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 the upper border of the cloud (0.7484). One of the previous maximums of Chikou Span line is expected to be a resistance level (0.7580).



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 around upper border of the cloud. The closest support level is Tenkan-sen line (0.7466). One of the previous maximums of Chikou Span line is expected to be a resistance level (0.7582).

It is recommended to open long positions at current price with the target at the level of previous maximum of Chikou Span line (0.7580) and Stop Loss at the upper border of the cloud (0.7484).