HomeTrade IdeasCandlesticks IntradayTrade Idea Wrap-up: USD/CHF - Sell at 0.9940

Trade Idea Wrap-up: USD/CHF – Sell at 0.9940

USD/CHF – 0.9907

Most recent candlesticks pattern : N/A

Trend                                    : Sideways

Tenkan-Sen level                  : 0.9937

Kijun-Sen level                    : 0.9940

Ichimoku cloud top                 : 0.9961

Ichimoku cloud bottom              : 0.9959

New strategy  :

Sell at 0.9940, Target: 0.9840, Stop: 0.9975

Position : –

Target :  –

Stop : –

As the greenback has dropped after meeting renewed selling interest at 0.9987 yesterday, suggesting the fall from 1.0038 top is still in progress and may extend weakness to 0.9885-90 (50% Fibonacci retracement of 0.9737-1.0038), break there would bring further fall to support at 0.9869 but near term oversold condition should limit downside to previous resistance at 0.9837 and price should stay above 0.9795-00.

In view of this, we are looking to sell dollar on subsequent recovery but at a lower level as 0.9940 should limit upside. Above 0.9970-75 would defer but only break of resistance at 0.9987 would signal the fall from 1.0038 has ended instead, bring further gain to 1.0015-20 first.

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