USDCHF, “US Dollar vs Swiss Franc”
USDCHF is trading at 0.9221; the instrument is moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test Tenkan-Sen and Kijun-Sen at 0.9190 and then resume moving upwards to reach 0.9355. Another signal in favor of further uptrend will be a rebound from the neckline of a Head & Shoulders reversal pattern. The target of the pattern materialization is at 0.9390. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 0.9025. In this case, the pair may continue falling towards 0.8935.
USDJPY, “US Dollar vs Japanese Yen”
USDJPY is trading at 105.11; 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 105.30 and then resume moving downwards to reach 103.65. Another signal in favor of further downtrend will be a rebound from the resistance line. However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 105.75. In this case, the pair may continue growing towards 106.65.
NZDUSD, “New Zealand Dollar vs US Dollar”
NZDUSD is trading at 0.6595; 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 0.6670 and then resume moving downwards to reach 0.6505. Another signal in favor of further downtrend will be a rebound from the resistance line. However, the bearish scenario may be canceled if the price breaks the cloud’s upside border and fixes above 0.6745. In this case, the pair may continue growing towards 0.6835. To confirm further decline, the asset must break the support area and fix below 0.6590, thus indicating the completion of a Double Top reversal pattern. As we can see, bears are ready to break the pattern’s downside border.
