Ichimoku Cloud Analysis 04.08.2020 (USDCAD, GBPJPY, CADCHF)

USDCAD, “US Dollar vs Canadian Dollar”

USDCAD is trading at 1.3377; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the cloud’s downside border at 1.3390 and then resume moving downwards to reach 1.3275. Another signal in favor of further downtrend will be a rebound from the rising channel’s downside border. However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 1.3435. In this case, the pair may continue growing towards 1.3525. To confirm further decline, the asset must break the support area and fix below 1.3365, thus probably completing a Double Top reversal pattern.

GBPJPY, “Great Britain Pound vs Japanese Yen”

GBPJPY is trading at 138.64; the instrument is moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test Tenkan-Sen and Kijun-Sen at 137.55 and then resume moving upwards to reach 140.65. Another signal is favor of further uptrend will be a rebound from the rising channel’s downside border. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 135.15. In this case, the pair may continue falling towards 134.05.

CADCHF, “Canadian Dollar vs Swiss Franc”

CADCHF is trading at 0.6859; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the cloud’s downside border at 0.6875 and then resume moving downwards to reach 0.6735. Another signal in favor of further downtrend will be a rebound from the descending channel’s upside border. However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 0.6935. In this case, the pair may continue growing towards 0.7025.