HomeTrade IdeasCandlesticks IntradayTrade Idea Wrap-up: USD/CHF - Hold short entered at 0.9680

Trade Idea Wrap-up: USD/CHF – Hold short entered at 0.9680

USD/CHF – 0.9665

Most recent candlesticks pattern : N/A

Trend                                    : Near term up

Tenkan-Sen level                  : 0.9662

Kijun-Sen level                    : 0.9658

Ichimoku cloud top                 : 0.9598

Ichimoku cloud bottom              : 0.9552

Original strategy :

Sold at 0.9680, Target: 0.9580, Stop: 0.9705

Position : – Short at 0.9680

Target :  – 0.9580

Stop : – 0.9705

New strategy  :

Hold short entered at 0.9680, Target: 0.9580, Stop: 0.9705

Position : – Short at 0.9680

Target :  – 0.9580

Stop : – 0.9705

Although the greenback has jumped again in NY morning and rose briefly above 0.9700 level, loss of upward momentum should prevent sharp move beyond there and consolidation with mild downside bias remains for test of support at 0.9618 but break there is needed to signal an intra-day top is formed, bring weakness to 0.8584 support, break there would provide confirmation, bring subsequent fall towards the lower Kumo (now at 0.9552).

In view of this, we are inclined to turn short on further subsequent rise. Above said resistance at 0.9705 would extend gain to 0.9725-30 but still reckon upside would be limited and 0.9761-66 (50% Fibonacci retracement of 1.0100-0.9421 and previous resistance) should hold, risk remains for another retreat to take place soon.

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