Ichimoku Cloud Analysis 04.10.2023 (GBPUSD, USDCHF, BRENT)

By RoboForex.com

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD is correcting within a Triangle pattern. The instrument is going below the Ichimoku Cloud, which suggests a downtrend. A test of the Kijun-Sen line at 1.2080 is expected, followed by a decline to 1.1965. An additional signal confirming the decline will be a rebound from the upper boundary of the descending channel. The scenario can be cancelled by a breakout of the upper boundary of the Cloud with the price securing above 1.2175, which will mean further growth to 1.2265. Meanwhile, the decline could be confirmed by a breakout of the lower boundary of the Triangle pattern with the price securing under 1.2040.

USDCHF, “US Dollar vs Swiss Franc”

USDCHF is testing the resistance level. The instrument is going above the Ichimoku Cloud, which suggests an uptrend. A test of the upper boundary of the bullish channel at 0.9195 is expected, followed by a rise to 0.9285. An additional signal confirming the rise will be a rebound from the lower boundary of the bullish channel. The scenario can be cancelled by a breakout of the lower boundary of the Cloud with the price securing under 0.9125, which will mean a further decline to 0.9035.

BRENT

Brent is declining within a bearish channel. The instrument is going below the Ichimoku Cloud, which suggests a downtrend. A test of the lower boundary of the Cloud at 90.95 is expected, followed by a decline to 87.95. An additional signal confirming the decline will be a rebound from the upper boundary of the bearish channel. The scenario can be cancelled by a breakout of the upper boundary of the Cloud with the price securing above 92.25, which will mean further growth to 94.65. Meanwhile, the decline could be confirmed by a breakout of the lower boundary of the bullish channel with the price securing under 89.65.

Article By RoboForex.com

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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.