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

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

USD/CHF – 0.9963

Most recent candlesticks pattern : N/A

Trend                                    : Near term down

Tenkan-Sen level                  : 0.9972

Kijun-Sen level                    : 0.9973

Ichimoku cloud top                 : 1.0021

Ichimoku cloud bottom              : 0.9961

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 rebounded after finding support at 0.9942 on Friday, suggesting consolidation above this level would be seen and corrective bounce to 1.0005-10 (38.2% Fibonacci retracement of 1.0109-0.9942) cannot be ruled out, however, reckon upside would be limited to 1.0025 (50% Fibonacci retracement) and bring another decline later. Below said support at 0.9942 would extend recent decline from 1.0171 to 0.9920-25 but loss of near term downward momentum should prevent sharp fall below 0.9900 and reckon 0.9870-75 would hold from here.

In view of this, would not chase this fall here and would be prudent to sell dollar on recovery as 1.0021 (current level of the upper Kumo) 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.

Featured Analysis

Learn Forex Trading