Ichimoku Cloud Analysis 06.05.2021 (AUDCHF, CADCHF, CHFJPY)

Article By RoboForex.com

AUDCHF, “Australian Dollar vs Swiss Franc”

AUDCHF is trading at 0.7070; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the cloud’s upside border at 0.7075 and then resume moving downwards to reach 0.6925. Another signal in favor of a further downtrend will be a rebound from the resistance level. However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 0.7105. In this case, the pair may continue growing towards 0.7210. To confirm further decline, the asset must break the downside border of the Triangle pattern and fix below 0.6995.

CADCHF, “Canadian Dollar vs Swiss Franc”

CADCHF is trading at 0.7448; the instrument is moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test the cloud’s upside border at 0.7415 and then resume moving upwards to reach 0.7585. Another signal in favor of a 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 0.7310. In this case, the pair may continue falling towards 0.7225.

CHFJPY, “Swiss Franc vs Japanese Yen”

CHFJPY is trading at 119.68; 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 119.05 and then resume moving upwards to reach 121.30. Another signal in favor of a further uptrend will be a rebound from the rising channel’s downside border. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 118.45. In this case, the pair may continue falling towards 117.55.

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.