Candlesticks Intraday

Trade Idea Wrap-up: USD/CHF - Sell at 0.9645

Typography

USD/CHF - 0.9600


Most recent candlesticks pattern : N/A

Trend                                    : Near term up


Tenkan-Sen level                  : 0.9600

Kijun-Sen level                    : 0.9600

Ichimoku cloud top                 : 0.9635

Ichimoku cloud bottom              : 0.9614


Original strategy :

Sell at 0.9645, Target: 0.9545, Stop: 0.9680

Position : -

Target :  -

Stop : -


New strategy  :

Sell at 0.9645, Target: 0.9545, Stop: 0.9680

Position : -

Target :  -

Stop : -


Although the greenback recovered after finding support at 0.9565 on Friday and consolidation above this level would be seen, if our view that top has been made at 0.9705 last week is correct, reckon upside would be limited to minor resistance at 0.9648 and bring another decline later, below 0.9563-65 (50% Fibonacci retracement of 0.9421-0.9705 and said support) 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.

In view of this, would not chase this fall here and would be prudent to sell dollar again on further recovery as 0.9648 should limit upside. Above 0.9680 would risk retest of said last week’s high at 0.9705, break there would extend recent rise from 0.9421 to 0.9740-50 later.