Candlesticks Intraday

Trade Idea Wrap-up: USD/CHF - Sell at 0.9710

Typography

USD/CHF - 0.9639


Most recent candlesticks pattern : N/A

Trend                                    : Near term up


Tenkan-Sen level                  : 0.9652

Kijun-Sen level                    : 0.9652

Ichimoku cloud top                 : 0.9693

Ichimoku cloud bottom              : 0.9673


Original strategy :

Sell at 0.9725, Target: 0.9625, Stop: 0.9760

Position : -

Target :  -

Stop : -


New strategy  :

Sell at 0.9710, Target: 0.9610, Stop: 0.9745

Position : -

Target :  -

Stop : -


As the greenback recovered after yesterday’s selloff to 0.9612, suggesting consolidation above this level would be seen and gain to 0.9700 cannot be ruled out, however, as top has been formed at 0.9773, reckon upside would be limited to 0.9715-25 and bring another decline, below said support at 0.9612 would add credence to this view and extend the fall from 0.9773 top for retracement of recent upmove to 0.9605-10 (50% Fibonacci retracement of 0.9438-0.9773), then 0.9580 but reckon 0.9665 (61.8% Fibonacci retracement) would hold from here. 

In view of this, we are looking to sell dollar on subsequent recovery as 0.9710 (previous support turned resistance) should limit upside. Only a break of this week’s high at 0.9773 would abort and revive bullishness for the rise from 0.9438 to extend gain to 0.9800-10.