Candlesticks Intraday

Trade Idea : USD/CHF - Sell at 0.9870

Typography

USD/CHF - 0.9792


Most recent candlesticks pattern : N/A

Trend                                    : Near term down


Tenkan-Sen level                  : 0.9798

Kijun-Sen level                    : 0.9866

Ichimoku cloud top                 : 0.9803

Ichimoku cloud bottom              : 0.9792


Original strategy :

Sell at 0.9870, Target: 0.9770, Stop: 0.9905

Position : -

Target :  -

Stop : -


New strategy  :

Sell at 0.9870, Target: 0.9770, Stop: 0.9905

Position : -

Target :  -

Stop : -


As dollar has recovered after yesterday’s marginal fall to 0.9764, suggesting minor consolidation above this level would be seen and recovery to 0.9850 cannot be ruled out, however, reckon 0.9860-70 would limit upside and bring another decline later, below said support at 0.9774 would extend early selloff from 1.0344 top towards 0.9735-40 (76.4% retracement of 0.9550-1.0344), however, near term oversold condition should prevent sharp fall below 0.9700, risk from there is seen for a rebound to take place later. 

In view of this, would not chase this fall here and would be prudent to sell dollar on recovery as 0.9860-70 should limit upside. Above 0.9900 would defer and risk rebound to 0.9925-30 but upside should be limited to 0.9950 and price should falter well below previous support at 0.9987, bring another decline.

About the Contributor
Author: Action Forex
More from the contributor