CAD/CHF: Ichimoku clouds 11 February 2019, 08:38

CAD/CHF: Ichimoku clouds

11 February 2019, 08:38

Scenario
Timeframe	Weekly
Recommendation	BUY
Entry Point	0.75292
Take Profit	0.76156
Stop Loss	0.74873
Key Levels	0.75107, 0.74873, 0.75305, 0.75626

Let's look at the four-hour chart. Tenkan-sen line is below Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is below the price chart, current cloud is ascending. 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 (0.75107). The closest resistance level is the upper border of the cloud (0.75305).



On the daily chart Tenkan-sen line is above Kijun-sen, both lines are directed upwards. 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 (0.74873). The closest resistance level is Tenkan-sen line (0.75626).

On the four-hour chart we can see a correction of the downward movement. On the daily chart we can see a correction of the downward movement. It is recommended to open long positions at current price with Take Profit at the level of previous maximum of Chikou Span (0.76156) line and Stop Loss at the level of Kijun-sen line (0.74873).