Candlesticks Intraday

Trade Idea : USD/CHF - Buy at 0.9555

Typography

USD/CHF - 0.9613


Most recent candlesticks pattern : N/A

Trend                                    : Near term down


Tenkan-Sen level                  : 0.9608

Kijun-Sen level                    : 0.9629

Ichimoku cloud top                 : 0.9655

Ichimoku cloud bottom              : 0.9655


Original strategy :

Buy at 0.9585, Target: 0.9685, Stop: 0.9550

Position : -

Target :  -

Stop : -


New strategy  :

Buy at 0.9555, Target: 0.9655, Stop: 0.9520

Position : -

Target :  -

Stop : -


Although the greenback retreated after rising to 0.9688 and near term downside risk remains for initial weakness to 0.9580, reckon last week’s low at 0.9552 would limit downside and bring another rebound later, above 0.9660 would signal the retreat from 0.9688 has ended and bring test of this level, break there would signal low has been formed at 0.9552, bring retracement of early decline to 0.9700 and later towards resistance area at 0.9738-43.

In view of this, we are inclined to buy dollar on further fall. Below said support at 0.9552 would signal recent decline has resumed instead, then weakness to 0.9520-25 would follow but reckon 0.9500 would hold on first testing. 

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Author: Action Forex
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