Ichimoku Cloud Analysis 09.11.2020 (XAUUSD, CADJPY, USDCHF)

XAUUSD, “Gold vs US Dollar”

XAUUSD is trading at 1960.00; the instrument is moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test the cloud’s upside border at 1945.00 and then resume moving upwards to reach 1995.00. Another signal in 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 1905.00. In this case, the pair may continue falling towards 1865.00.

CADJPY, “Canadian Dollar vs Japanese Yen”

CADJPY is trading at 79.51; the instrument is moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test the cloud’s upside border at 79.15 and then resume moving upwards to reach 80.85. Another signal in favor of further uptrend will be a rebound from the downside border of the Triangle pattern. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 78.55. In this case, the pair may continue falling towards 77.65. To confirm further growth, the asset must break the pattern’s upside border and fix above 79.95.

USDCHF, “US Dollar vs Swiss Franc”

USDCHF is trading at 0.8991; 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 0.9015 and then resume moving downwards to reach 0.8930. 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 0.9075. In this case, the pair may continue growing towards 0.9165.