USDCHF Forecast for the week 22nd April, 2014

USDCHF Forecast for the week 22nd April, 2014

• Bullish Cypher still in play

Weekly Chart

• Last weeks price action was bullish and we recovered nearly half of the sell off of the previous wk prior

Daily Chart

• We had continuous bullish price action daily candles
• Broke through resistance, however nearing another minor resistance
• We are also trading in the ichimoku clouds and Stochastic is trading in a overbought zone

Hourly Chart

• As you could see the bullish cypher identified over a week ago did play out quite well
• This is a 4 Hourly chart, where we have broken through the Ichimoku clouds, however we are in an area of potential resistance (yellow zone) and market could retrace to the downside to test the support zone in the following days.
• We are also travelling on the upper line of the ascending channel., 

Outlook Trade opportunity

We could take a short if a convincing hourly / 4hr shooting star candle is rejected from the yellow zone.

If market does test the support, we could wait for a bullish hammer formation to continue the up trend

Risk Level Low

Tips -

Always take note of any economical news event on our provided calender below