HomeTrade IdeasCandlesticks IntradayTrade Idea : USD/CHF - Sell at 0.9645

Trade Idea : USD/CHF – Sell at 0.9645

USD/CHF – 0.9575

Most recent candlesticks pattern : N/A

Trend                                    : Near term down

Tenkan-Sen level                  : 0.9666

Kijun-Sen level                    : 0.9575

Ichimoku cloud top                 : 0.9648

Ichimoku cloud bottom              : 0.9592

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 recovered after marginal fall to 0.9552, suggesting minor consolidation would be seen and recovery to 0.9600-10 is likely, however, reckon resistance at 0.9647 would limit upside and bring another decline later, below said support would signal recent decline from 0.9771 top is still in progress, hence further weakness to 0.9545-49 (2 times extension of 0.9771-0.9676 measuring from 0.9738) would follow 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. 

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