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Trade Idea Update: USD/CHF - Stand aside Print E-mail
Candlesticks and Ichimoku Intraday | Written by Action Forex | Jan 11 17 10:23 GMT
USD/CHF - 1.0188

New strategy  :

Stand aside

Position : -

Target :  -

Stop : -

Although the greenback recovered after finding support at 1.0111 yesterday and further consolidation above last week’s low at 1.0087 would be seen, reckon upside would be limited to 1.0211-21 (50% Fibonacci retracement of 1.0335-1.0087 and previous resistance) and bring retreat, only a firm break above this level would signal the fall from 1.0335 has ended, bring further gain to 1.0240 (61.8% Fibonacci retracement) and then 1.0270 but price should falter below resistance at 1.0291.

On the downside, whilst pullback to 1.0155-60 cannot be ruled out, reckon said support at 1.0111 would contain downside and price should hold above last week’s low at 1.0087. Only break there would shift risk back to downside and extend the fall from 1.0335 towards another previous support at 1.0057 which is likely to hold on first testing due to broad consolidative outlook. As near term outlook is mixed, would be prudent to stand aside for now.


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