FX.co ★ GBP/CHF Ichimoku technical analysis for June 3, 2011

H4

There are no substantial changes in the GBP/CHF market. As expected, the market is still moving in a sideways direction. However, the oversold price indicated by the Chinkou Span does not allow the bears to continue the downtrend. Moreover, we might expect a recovery to the Rotation line (3). In the nearest time the horizontal movement will probably remain since all the Indicator lines are directed sideways (1, 2, 3, 4). However, the downtrend still applies.

H1

The downtrend remains in a 1-hour timeframe as well – the Ichimoku Cloud has a downside character.
However, the Tenkan-sen and the Kijun-sen have been moving along for a while, periodically crossing and forming crosses. The price has been staying near them.
At the moment the GBP/CHF is above the Kijun-sen (3). If it can provide support to the market, a recovery to the lower limit of the Cloud is possible.