Ichimoku Cloud Analysis 25.08.2020 (ETHUSD, EURGBP, USDCHF)

Article By RoboForex.com

ETHUSD, “Ethereum vs US Dollar”

ETHUSD is trading at 399.16; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the cloud’s downside border at 410.65 and then resume moving downwards to reach 295.00. Another signal in favor of further downtrend is the formation of a Head & Shoulders reversal pattern. However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 440.05. In this case, the pair may continue growing towards 475.05. To confirm further decline, the asset must break the support level and fix below 370.05, thus indicating completion of the Head & Shoulders reversal pattern.

EURGBP, “Euro vs Great Britain Pound”

EURGBP is trading at 0.9013; the instrument is moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test the cloud’s downside border at 0.8990 and then resume moving upwards to reach 0.9115. Another signal in favor of further uptrend will be a rebound from the support level. However, the bullish scenario may be canceled if the price breaks the cloud’s downside border and fixes below 0.8970. In this case, the pair may continue falling towards 0.8905. To confirm further growth, the asset must break the descending channel’s upside border and fix above 0.9055, thus indicating completion of a Head & Shoulders pattern and a reversal in favor of new growth with the target at 0.9155.

USDCHF, “US Dollar vs Swiss Franc”

USDCHF is trading at 0.9113; the instrument is moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test the cloud’s downside border at 0.9105 and then resume moving upwards to reach 0.9205. Another signal in favor of further uptrend will be a rebound from the support level. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 0.9060. In this case, the pair may continue falling towards 0.8975. To confirm further growth, the asset must break the upside border of the Triangle pattern and fix above 0.9145.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.