FX TECHNICAL ANALYSIS


direction and all of the Ichimoku components were pointing into the same direction too. Finally the price moved down more than 600 pips till June with reaching a new all time low at 0.8326.


USDCHF Prospect Figure 9: USDCHF Weekly


April. As the price was below the Kumo and Kijun-Sen, the Chikou Span was also confirming the move and the Kumo future was supporting the move too, so


it was a strong and safe possible entry point. The future down movements were well-predictable because the higher timeframes were clearly supporting the


As the picture is clearly bearish on all higher timeframes, future down


movements are most


probable. On the Daily timeframe currently the Kijun-Sen turned flat, so it is possible that the price will move back a bit before it continues its way down. The next most


important resistance


levels are the Kijun-Sen levels on the Daily, Weekly and Monthly timeframes.


USDJPY Retrospect Figure 10: USDJPY Monthly Figure 11: USDJPY Daily 70 FX TRADER MAGAZINE July - September 2011


On the Monthly USDJPY chart the Kijun-Sen supported the down movements during the last few months. The picture was clearly bearish as the price was below all Ichimoku components in accordance with the Chikou Span, and the Kumo future was bearish too. On the Weekly chart the picture was also bearish. However the price reached the Senkou Span A level in April, it was bounced back from the bottom of the Kumo and after crossing the Kijun-Sen line the price continued its way down in the direction of the main trend.


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