Expanding bearish Ichimoku Cloud with falling Senkou Span A; a new cross of Tenkan-sen and Kijun-sen, but the lines are horizontal; the market tested Kijuns’s resistance and returned to Monday’s lows.
USD/CHF: bulls are stubborn
TP1 0.9745 TP2 0.9785
On the daily chart, bulls are still hoping to form a “Dragon” pattern. The first step will be the pair’s exit out of the short-term consolidation range between 0.9575 and 0.9650. The second step will be a successful attack on diagonal resistance. Only if these 2 conditions are met, USD/CHF will get a chance to rise to 0.9785 and higher.
On H1, USD/CHF is forming the “Dragon’s head”. To complete it, it needs to overcome resistance at 0.9650. In this case, the activation of AB=CD with the target at 161.8% will become more likely.
Bearish Ichimoku Cloud, but horizontal lines Senkou Span A and B; a dead cross of Tenkan-sen and Kijun-sen with weak channel Tenkan-Kijun; the market is in consolidation on Tenkan-sen and Kijun-sen.
A successful test of the lower border of the 1.2730-1.2920 consolidation range with the following renewal of May high opens the way up to 127.2% target of AB=CD.
Narrow bearish Ichimoku Cloud, horizontal Senkou Span A and B; a new weak golden cross of Tenkan-sen and Kijun-sen; the prices are three way bounced from the SSB’s resistance.
Today’s news headline is that Trump officially announced the withdrawal of the US from the Paris climate agreement…
The European Central Banks left its key interest rates…