Feb 21 00:56 GMT


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Trade Idea Wrap-up: USD/CHF - Sell at 1.0075 Print E-mail
Candlesticks and Ichimoku Intraday | Written by Action Forex | Feb 17 17 15:26 GMT
USD/CHF - 1.0011

Most recent candlesticks pattern : N/A

Trend                                    : Near term down

Tenkan-Sen level                  : 0.9994

Kijun-Sen level                    : 0.9990

Ichimoku cloud top                 : 1.0055

Ichimoku cloud bottom              : 1.0038

Original strategy :

Sell at 1.0075, Target: 0.9975, Stop: 1.0110

Position : -

Target :  -

Stop : -

New strategy  :

Sell at 1.0075, Target: 0.9975, Stop: 1.0110

Position : -

Target :  -

Stop : -

As dollar has recovered after finding support at 0.9967, suggesting consolidation above this level would be seen and corrective bounce to resistance at 1.0049 cannot be ruled out, however, reckon upside would be limited to 1.0075-80 and bring another decline to 0.9960 (61.8% Fibonacci retracement of 0.9861-1.0119), below there would bring retracement of recent rise to previous support at 0.9930-36 support but reckon downside would be limited and support at 0.9904 would remain intact.

In view of this, we are looking to sell dollar on recovery as 1.0070-75 should limit upside. Only above said resistance at 1.0119 would abort and signal recent upmove is still in progress for further gain to previous resistance at 1.0122 but loss of upward momentum should prevent sharp move beyond 1.0150 and reckon 1.0190-00 would hold from here.


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