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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 13:26 GMT
USD/CHF - 1.0200


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, only a firm break above indicated previous resistance at 1.0221 would signal the fall from 1.0335 has ended at 1.0087, 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.

 

About the Author

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

Elliott Wave Daily Trade Ideas Update Schedule (GMT):
AUD/USD, EUR/JPY: 0800 - 0830; EUR/GBP, USD/CAD: 1430 - 1500 GMT

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