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Trade Idea : USD/CHF - Sell at 1.0140 Print E-mail
Candlesticks and Ichimoku Intraday | Written by Action Forex | Jan 12 17 09:00 GMT
USD/CHF - 1.0073


Most recent candlesticks pattern : N/A

Trend                                    : Near term down


Tenkan-Sen level                  : 1.0105

Kijun-Sen level                    : 1.0154

Ichimoku cloud top                 : 1.0160

Ichimoku cloud bottom              : 1.0155


New strategy  :

Sell at 1.0140, Target: 1.0040, Stop: 1.0175

Position : -

Target :  -

Stop : -


Although the greenback rebounded quite strongly to 1.0248 yesterday, dollar ran into heavy offers there and has tumbled below support at 1.0087, suggesting the fall from 1.0335 is still in progress and may extend weakness to previous support at 1.0057, however, break there is needed to retain bearishness and extend early fall from 1.0344 top to support at 1.0021, then towards 1.0000 (psychological support as well as 100% projection of 1.0335-1.0087 measuring from 1.0248) but downside should be limited to 0.9945-50 (50% Fibonacci retracement of intermediate rise from 0.9550-1.0344).

In view of this, we are looking to sell dollar on recovery as 1.0140-50 should limit upside. Above 1.0170-75 would defer and risk a stronger rebound to 1.0200-05 but still reckon upside would be limited to 1.0230 and price should falter below yesterday’s high at 1.0248.

 

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Candlesticks Intraday Trade Ideas Update Schedule (GMT):
1st Update: 0630 - 0700; 2nd Update: 0930 - 1000; 3rd Update: 1230 - 1300; 4th Update: 1500 - 1530
Pairs Covered: EUR/USD, USD/JPY, GBP/USD, USD/CHF

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