HomeTrade IdeasCandlesticks IntradayTrade Idea : USD/CHF - Sell at 0.9625

Trade Idea : USD/CHF – Sell at 0.9625

USD/CHF – 0.9599

Most recent candlesticks pattern : N/A

Trend                                    : Near term up

Tenkan-Sen level                  : 0.9609

Kijun-Sen level                    : 0.9611

Ichimoku cloud top                 : 0.9635

Ichimoku cloud bottom              : 0.9609

Original strategy :

Sell at 0.9645, Target: 0.9545, Stop: 0.9680

Position : –

Target :  –

Stop : –

New strategy  :

Sell at 0.9625, Target: 0.9525, Stop: 0.9660

Position : –

Target :  –

Stop : –

The greenback only recovered to 0.9641 (just missed our short entry at 0.9645) before retreating, bearishness remains for another test of 0.9563-65 (50% Fibonacci retracement of 0.9421-0.9705 and Friday’s low) would extend weakness to 0.9525-30 (61.8% Fibonacci retracement), however, downside should be limited to 0.9500 and 0.9480-85 should hold from here.

In view of this, we are looking to sell dollar again on minor recovery as 0.9625-30 should limit upside. Above 0.9648 would defer and risk rebound to 0.9675-80, break there would signal the pullback from 0.9705 has ended, bring retest of this level, a breach of this last week’s high would extend recent rise from 0.9421 to 0.9740-50 later.

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