HomeTrade IdeasCandlesticks IntradayTrade Idea Wrap-up: USD/CHF - Hold short entered at 0.9720

Trade Idea Wrap-up: USD/CHF – Hold short entered at 0.9720

USD/CHF – 0.9691

Most recent candlesticks pattern : N/A

Trend                                    : Near term down

Tenkan-Sen level                  : 0.9683

Kijun-Sen level                    : 0.9692

Ichimoku cloud top                 : 0.9697

Ichimoku cloud bottom              : 0.9677

Original strategy :

Sold at 0.9720, Target: 0.9620, Stop: 0.9720

Position : – Short at 0.9720

Target :  – 0.9620

Stop : – 0.9720

New strategy  :

Hold short entered at 0.9720, Target: 0.9620, Stop: 0.9720

Position : – Short at 0.9720

Target :  – 0.9620

Stop : – 0.9720

Although dollar staged a strong rebound from last week’s low of 0.9613 to 0.9728 (last week’s high), the subsequent retreat has retained our bearishness and consolidation with mild downside bias remains for weakness to 0.9657 support, however, break of 0.9640 is needed to signal the rebound from 0.9613 has ended, bring retest of this level first. A break below this level would extend recent decline to 0.9600-05 (50% projection of 1.0100-0.9692 measuring from 0.9808) later.

In view of this, we are holding on to our short position entered at 0.9720. Above said resistance at 0.9728 would abort and signal a temporary low has been formed at 0.9613 last week instead, bring a stronger rebound to 0.9761 resistance but price should falter below resistance at 0.9808.

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