FX.co ★ GBP/CHF Ichimoku technical analysis for June 29, 2011

H4

As expected, the 4-hour Rotation line did not let positive players go up and the correction on the GBP/CHF market did not succeed. Instead the bears took the initiative and formed a new all-time high by declining the price to the 1.3260 level.
The decline is likely to be continued further as yesterday’s Hammer formed in a candlestick graph was not confirmed.
General negative setiment remains on the market: the Ichimoku Cloud has a negative character, short-term Tenkan-sen and Kijun-sen lost their balance state and are ready to continue the downtrend (3, 4).

H1

The lower limit of 1-hour Ichimoku Cloud, as expected, did not let the bulls in. This was a reason for a rebound and downtrend continuation.
However, after refreshing the high the market started to move sideways under the Rotation line. Moreover, today in the morning the bulls tried again to recover the market to the lower Kumo limit.
Nevertheless, the bearish sentiment remained dominant and the GBP/CHF can continue declining in the nearest time.