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Candlesticks Intraday

Trade Idea Update: USD/CHF - Sell at 0.9850

Typography

USD/CHF - 0.9752


Original strategy :

Sell at 0.9870, Target: 0.9770, Stop: 0.9905

Position : -

Target :  -

Stop : -


New strategy  :

Sell at 0.9850, Target: 0.9750, Stop: 0.9885

Position : -

Target :  -

Stop : -


As dollar has fallen again after brief recovery, suggesting recent selloff from 1.0344 top is still in progress and bearishness remains for this move to extend further weakness to 0.9735-40 (76.4% retracement of 0.9550-1.0344), then towards 0.9700, however, near term oversold condition should prevent sharp fall below 0.9675-80 and reckon 0.9650 would hold from here, 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 0.9850-55 should limit upside. Above 0.9870-80 would defer and risk rebound to 0.9900 but upside should be limited to 0.9940-50 and price should falter well below previous support at 0.9987, bring another decline.

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Author: Action Forex
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