USD/CHF (a 4 hour chart)
Yesterday the franc was making a correction. Pair went through the level 0.9486, tested 0.9451 and stopped at it.
The signal to buy is preserved. The pair is below the Tenkan-Sen and the Kijun-Sen but above the Cloud. The Cloud has an uprising formation.
Everything confirms an upward movement though the buy signal is weak.
The pair will continue growing when the price returns above the Kijun-sen 0.9492. If the price continues going down then an upward movement can be canceled. In this case the price will fall to 0.9413 or deeper below to 0.9335.
Bollinger bands are directed down that support the correction.
MACD is going down.
We have a buy signal. Still we recommend not to open any position untill we get a confirmed signal to entter the market. Should MACD turn up or Bollinger Bands change the horizontal direction to the upper we will have the signal.
The first target of the upward movement is 0.9486. After consolidating on it the price will go to 0.9525.
In case of further price correction the pair will fall towards the Ichimoku cloud, to the level 0.9413.
The stop-loss is better to set below the Kijun 0.9492. Take-profit should be set up by 5-10 points below the goals. After receiving a profit of 20-30 points we place stop loss to a breakeven.