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4-часовой таймфрейм
General review:
On October 3, the franc – US dollar pair closed the sideways moving and a new buy signal formed, the price passed the Ishimoku cloud which all confirms the current bullish sentiment on the market. The formed buy signal is strong and proved, as the Chinkou span is positioned above the price curve and the price is fixated above the Ishimoku cloud.
That is why now the target for trading long is the first level of resistance at 0.9176 and this target can be traded. If this level is passed through the next aim will appear the second resistance level of 0.9273. The uprise will continue until the price is placed above the Kijun Sen (0.9015), if the price declines below this line, this will denote weakening of buy signal and will call for narrowing longs, it is also recommended to set the stop loss below this level.
The Chinkou Span is above the price curve which is the confirmation of the current signal for purchases and stands for a bullish sentiment.
The Bollinger bands point to a rising motion as the bands are diverging and directed upwards, thus positions to buy the pair are most recommended now.
The MACD shows an upturn, the indicator is increasing which makes long positions possible, on an assumed correction (if the MACD recoils downside) it is advised to leave the market.
Trading recommendations:
Now it is recommended to trade long for the franc, target at 0.9176. If this level is crossed, the following target will be at 0.9273. The stop loss should be placed below 0.9015 and while the Kijun sen upmoves the stop loss should be gradually shifted upside. In case the MACD makes a downward rebound it is advised to narrow the longs manually.
In addition to the technical data it is also recommended to consider the fundamentals and the time of their release.
The chart annotation:
Ishimoku indicator:
Tenkan-sen — red line
Kijun-sen — blue line
Senkou Span A — light brown stipple line
Senkou Span B — light purple stipple line
Chinkou Span — green line
Bollinger Bands indicator:
3 yellow lines
MACD indicator:
The red line and the histogram with the white bars in the indicators window.
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