Candlesticks Intraday

Trade Idea Wrap-up: USD/CHF - Hold short entered at 0.9935

Typography

USD/CHF - 0.9913


Most recent candlesticks pattern : N/A

Trend                                    : Near term down


Tenkan-Sen level                  : 0.9900

Kijun-Sen level                    : 0.9900

Ichimoku cloud top                 : 0.9921

Ichimoku cloud bottom              : 0.9896


Original strategy :

Sold at 0.9935, Target: 0.9835, Stop: 0.9950

Position : - Short at 0.9935

Target :  - 0.9835

Stop : - 0.9950


New strategy  :

Hold short entered at 0.9935, Target: 0.9835, Stop: 0.9950

Position : - Short at 0.9935

Target :  - 0.9835

Stop : - 0.9950


Although the greenback rebounded after finding support at 0.9876, as long as indicated resistance at 0.9946 holds, bearishness remains for another retreat, below said support at 0.9876 would add credence to our view that the rebound from 0.9846 has ended at 0.9946, bring further fall to 0.9860, then retest of 0.9846. Once this level is penetrated, this would signal the erratic decline from 1.0038 top has resumed for at least a retracement of early upmove to previous resistance at 0.9837, break below there would encourage for subsequent decline towards 0.9795-00.

In view of this, we are holding on to our short position entered at 0.9935. Above said resistance at 0.9946 would defer and risk test of 0.9970-75 but price should alter below resistance at 0.9987, bring another decline later.