USDCHF - Buy, but not here! Loosing bullish momentum short term
Since the break of the inner downtrend it moved quite bullish. The 4 Hrs Ichimoku structure is still bullish, but there are also some warning signals that suggest current bullish momentum may loose steam a bit here. Let's check these technicals:
Daily: MACD bullish, Tenkan/Kijun weak bullish cross can happen soon and also DMI is bullish now, BUT ADX is dropping (indicates trend pick up will not happen any time soon, rather expect some indecision), Price still below the Cloud, and most importantly Chikou Span (Blue line) hits the price wall. There is certanly a resistence ard 0,8900. Also Slow Stoch is overbought and will likely give a sell signal soon.
4 Hrs: Ichimoku components don't yet show any serious problem, but what I don't like here is the DMI/ADX combo.
All in all I think there's some chance USDCHF drops to 0,8800 - 0,8815 levels, and obviously 0,8920 is a massive resistence, so not much upside from here to hold too much longs. If it comes down, we'll see, but my bias is still bullish for the long term, so we might start to look for buy signals there. It can still be profitable long in the future, but we need better level (better risk/reward) to buy.
Daily: MACD bullish, Tenkan/Kijun weak bullish cross can happen soon and also DMI is bullish now, BUT ADX is dropping (indicates trend pick up will not happen any time soon, rather expect some indecision), Price still below the Cloud, and most importantly Chikou Span (Blue line) hits the price wall. There is certanly a resistence ard 0,8900. Also Slow Stoch is overbought and will likely give a sell signal soon.
4 Hrs: Ichimoku components don't yet show any serious problem, but what I don't like here is the DMI/ADX combo.
All in all I think there's some chance USDCHF drops to 0,8800 - 0,8815 levels, and obviously 0,8920 is a massive resistence, so not much upside from here to hold too much longs. If it comes down, we'll see, but my bias is still bullish for the long term, so we might start to look for buy signals there. It can still be profitable long in the future, but we need better level (better risk/reward) to buy.