Trade Idea Wrap-up: USD/CHF – Sell at 0.9645

USD/CHF – 0.9575

Most recent candlesticks pattern : N/A

Trend                                    : Near term down

Tenkan-Sen level                  : 0.9577

Kijun-Sen level                    : 0.9583

Ichimoku cloud top                 : 0.9657

Ichimoku cloud bottom              : 0.9615

Original strategy :

Sell at 0.9645, Target: 0.9545, Stop: 0.9680

Position : –

Target :  –

Stop : –

New strategy  :

Sell at 0.9645, Target: 0.9545, Stop: 0.9680

Position : –

Target :  –

Stop : –

As the greenback has remained under pressure after recent selloff, suggesting the decline from 0.9771 top is still in progress, hence bearishness remains further weakness to 0.9545-50 (2 times extension of 0.9771-0.9676 measuring from 0.9738) but reckon downside would be limited to 0.9525-30 (50% projection of 1.10100-0.9613 measuring from 0.9771) and 0.9500 should hold, price should stay above 0.9470 (61.8% projection), bring rebound later. 

In view of this, would not chase this fall here and we are looking to sell dollar on recovery as resistance at 0.9647 should limit upside. Only above previous support at 0.9676 (now resistance) would defer and suggest a temporary low is formed, risk test of another previous support at 0.9692.