HomeTrade IdeasCandlesticks IntradayTrade Idea Wrap-up: USD/CHF - Sell at 1.0020

Trade Idea Wrap-up: USD/CHF – Sell at 1.0020

USD/CHF – 0.9968

Most recent candlesticks pattern : N/A

Trend                                    : Near term down

Tenkan-Sen level                  : 0.9967

Kijun-Sen level                    : 0.9979

Ichimoku cloud top                 : 1.0046

Ichimoku cloud bottom              : 1.0019

Original strategy :

Sell at 1.0020, Target: 0.9920, Stop: 1.0055

Position : –

Target :  –

Stop : –

New strategy  :

Sell at 1.0020, Target: 0.9920, Stop: 1.0055

Position : –

Target :  –

Stop : –

As the greenback has remained under pressure, suggesting recent decline from 1.0171 is still in progress and may extend further weakness to 0.9920-25, however, loss of near term downward momentum should prevent sharp fall below 0.9900 and reckon 0.9870-75 would hold from here, risk from there has increased for a strong rebound later.

In view of this, would not chase this fall here and would be prudent to sell dollar on recovery as the lower Kumo (now at 1.0019) should limit upside and bring another decline. Only above previous support at 1.0060 (now resistance) would abort and signal low is formed instead, risk rebound to 1.0090-95 first.

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