Trade Idea Wrap-up: USD/CHF – Sell at 0.9920

USD/CHF – 0.9877

Most recent candlesticks pattern : N/A

Trend                                    : Near term down

Tenkan-Sen level                  : 0.9867

Kijun-Sen level                    : 0.9886

Ichimoku cloud top                 : 0.9947

Ichimoku cloud bottom              : 0.9941

Original strategy :

Sell at 0.9920, Target: 0.9820, Stop: 0.9955

Position : –

Target :  –

Stop : –

New strategy  :

Sell at 0.9920, Target: 0.9820, Stop: 0.9955

Position : –

Target :  –

Stop : –

As the greenback has fallen again after brief recovery, suggesting the erratic decline from 1.0038 top is still in progress for at least a retracement of early upmove, hence bearishness remains for this fall to extend further weakness to previous resistance at 0.9837, break below there would encourage for subsequent decline towards 0.9795-00 which is likely to hold on first testing due to near term oversold condition.

In view of this, we are looking to sell dollar on subsequent recovery as 0.9922 (previous support) should limit upside. Above 0.9940-45 would defer and risk test of 0.9970-75 but price should alter below resistance at 0.9987, bring another decline later.