HomeTrade IdeasCandlesticks IntradayTrade Idea Wrap-up: USD/CHF - Hold short entered at 0.9935

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

USD/CHF – 0.9870

Most recent candlesticks pattern : N/A

Trend                                    : Near term down

Tenkan-Sen level                  : 0.9882

Kijun-Sen level                    : 0.9894

Ichimoku cloud top                 : 0.9930

Ichimoku cloud bottom              : 0.9912

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: 0.9920

Position : – Short at 0.9935

Target :  – 0.9835

Stop : – 0.9920

As the greenback has retreated after meeting renewed selling interest at 0.9947 yesterday, adding credence to our view that the rebound from 0.9846 low has ended at 0.9947, hence bearishness remains for a retest of 0.9846, once this level is penetrated, this would confirm 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 0.9947 would defer and risk test of 0.9970-75 but price should alter below resistance at 0.9987, bring another decline later. 

Featured Analysis

Learn Forex Trading