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FX TECHNICAL ANALYSIS Figure 4: GBPUSD Monthly


The Monthly GBPUSD chart confirms the same. The picture is bearish, but it is now the 16th month in a row when the price couldn’t get below the strong support Kijun-Sen level, while it was moving below the Kumo cloud. It seems that the price will be bouncing between the Kijun- Sen and Senkou Span A levels till it decides it’s direction, however it seems that the bearish direction has a bit higher chance.


USDCHF Retrospect Figure 5: GBPUSD Weekly


Te price was moving between the Tenkan-Sen and Kijun-Sen lines during the last 3 months on the Monthly USDCHF chart. On the Weekly chart a bullish Kumo breakout happened right at the beginning of the new year. But as the Chikou Span couldn’t confirm the move and stayed below the Kumo, the price started to range below the Tenkan-Sen line.


Figure 6: GBPUSD Daily


On the Daily USDCHF chart, aſter the bearish Tenkan-Sen/Kijun-Sen cross on the 23th of January, the price moved down about 350 pips. Aſter the big move, it marched up and touched the top of the Kumo during the consolidation period and continued it’s way down right aſter it.


USDCHF Prospect Figure7: USDCHF Monthly 78 FX TRADER MAGAZINE April - June 2012


Te picture is quite mixed on the Daily USDCHF chart. Te price is below the Kumo and the Kumo future is bearish, however the price is still above the Kijun- Sen and the Chikou Span is ranging in the body of the Kumo.


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