Tue, Mar 28, 2023 @ 14:41 GMT
HomeTrade IdeasCandlesticks IntradayTrade Idea : USD/CHF - Stand aside

Trade Idea : USD/CHF – Stand aside

USD/CHF – 1.0032

Most recent candlesticks pattern : N/A

Trend                                    : Near term down

Tenkan-Sen level                  : 1.0039

Kijun-Sen level                    : 1.0032

Ichimoku cloud top                 : 1.0045

Ichimoku cloud bottom              : 1.0039

New strategy  :

Stand aside

Position : –

Target :  –

Stop : –

Despite falling to 1.0010 yesterday, as the greenback has rebounded again after holding above last week’s low at 1.0008, suggesting further choppy trading within near term established range would be seen and risk of another bounce to 1.0067 resistance cannot be ruled out, however, break there is needed to signal low has been made at 1.0008, bring test of 1.0090, once this level is penetrated, this would suggest the fall from 1.0108 high has ended, bring retest of this last week’s high first.

On the downside, below said support at 1.0008 would extend the fall from 1.0108 top to previous support at 0.9995, however, still reckon downside would be limited to 0.9970 (50% Fibonacci retracement of 0.9831-1.0108) and 0.9940-50 should hold from here, bring rebound later. As near term outlook is still mixed, would be prudent to stand aside for now.

Featured Analysis

Learn Forex Trading