HomeTrade IdeasCandlesticks IntradayTrade Idea : USD/CHF - Stand aside

Trade Idea : USD/CHF – Stand aside

USD/CHF – 1.0005

Most recent candlesticks pattern : N/A

Trend                                    : Near term up

Tenkan-Sen level                  : 1.0010

Kijun-Sen level                    : 1.0037

Ichimoku cloud top                 : 1.0078

Ichimoku cloud bottom              : 1.0074

New strategy  :

Stand aside

Position : –

Target :  –

Stop : –

Friday’s selloff suggests a temporary top has possibly been formed at 1.0100 last week and consolidation with downside bias remains 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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