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USD / CHF, “US dollars vs. Swiss francs”
USDCHF is trading at 0.9196; the instrument is moving in the Ichimoku cloud, indicating a sideways trend. Markets could suggest that price could test the cloud’s lower limit at 0.9175 and then continue its upward move to hit 0.9335. Another sign of another uptrend will be a recovery from the upper bound of a wedge reversal pattern. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside and fixes below 0.9130. If so, the pair could continue falling towards 0.9040.
USD / JPY, “US dollar vs. Japanese yen”
USDJPY is trading at 109.95; the instrument moves under the Ichimoku cloud, indicating a downward trend. Markets could indicate that price could test the cloud’s lower limit at 110.10 and then move back down to hit 108.60. Another sign of another downtrend will be a recovery from the upper limit of the triangle pattern. However, the bearish scenario may no longer be valid if the price breaks the cloud’s upward limit and fixes above 110.90. If so, the pair could continue moving towards 111.85. To confirm further decline, the asset needs to break the downside of the pattern and peg below 109.40.
XAG / USD, “Silver vs. US Dollar”
XAGUSD is trading at 25.39; the instrument moves under the Ichimoku cloud, indicating a downward trend. Markets could suggest that the Tenkan-Sen and Kijun-Sen price could test at 25.75 and then move back down to hit 24.15. Another sign of another downtrend will be a rebound from a section of a Head & Shoulders pattern. However, the bearish scenario may no longer be valid if price breaks the cloud’s upward limit and fixes above 26.65. If so, the pair could move further towards 27.55.
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