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Trade Idea Wrap-up: USD/CHF – Stand aside

USD/CHF – 1.0020

Most recent candlesticks pattern : N/A

Trend                                    : Near term up

Tenkan-Sen level                  : 1.0047

Kijun-Sen level                    : 1.0047

Ichimoku cloud top                 : 1.0083

Ichimoku cloud bottom              : 1.0056

Original strategy :

Buy at 1.0015, Target: 1.0115, Stop: 0.9980

Position : –

Target :  –

Stop : –

New strategy  :

Stand aside

Position : –

Target :  –

Stop : –

Current selloff has dampened our bullishness and suggests top has been formed at .1.0100, hence consolidation with downside bias is seen for retracement of recent rise towards 0.9980 (50% Fibonacci retracement of 0.9859-1.0100), break there would add credence to this view, bring further fall to 0.9950-55 (61.8% Fibonacci retracement) but price should stay well above previous resistance at 0.9903, bring rebound next week.

In view of this, would be prudent to stand aside in the meantime. Above 1.0045-50 would bring recovery to 1.0080-85, however, price should falter below strong resistance at 1.0100-8 and bring further consolidation later.

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