HomeTrade IdeasCandlesticks IntradayTrade Idea Wrap-up: USD/CHF - Sell at 1.0035

Trade Idea Wrap-up: USD/CHF – Sell at 1.0035

USD/CHF – 0.9970

Most recent candlesticks pattern : N/A

Trend                                    : Near term down

Tenkan-Sen level                  : 0.9988

Kijun-Sen level                    : 1.0005

Ichimoku cloud top                 : 1.0072

Ichimoku cloud bottom              : 1.0069

Original strategy :

Sell at 1.0035, Target: 0.9935, Stop: 1.0070

Position : –

Target :  –

Stop : –

New strategy  :

Sell at 1.0035, Target: 0.9935, Stop: 1.0070

Position : –

Target :  –

Stop : –

As the greenback has fallen again after brief recovery, suggesting the fall from 1.0100 top is still in progress and further weakness to 0.9950-55 (61.8% Fibonacci retracement of 0.9859-1.0100) would be seen, break there would add credence to this view, bring subsequent fall to 0.9930-35 but price should stay well above previous resistance at 0.9903, bring rebound later.

In view of this, would be prudent to sell dollar on recovery as 1.0035-40 should limit upside. Above previous support at 1.0056 would defer and risk a stronger rebound to 1.0080 but price should falter below resistance at 1.0100-08, bring retreat later.

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