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Trade Idea : USD/CHF – Stand aside

USD/CHF – 0.9905

Most recent candlesticks pattern : N/A

Trend                                    : Near term down

Tenkan-Sen level                  : 0.9900

Kijun-Sen level                    : 0.9891

Ichimoku cloud top                 : 0.9908

Ichimoku cloud bottom              : 0.9890

New strategy  :

Stand aside

Position : –

Target :  –

Stop : –

Although the greenback extended recent decline to as low as 0.9859 late last week, the subsequent rebound suggests consolidation above this level would be seen and recovery to 0.9925-30 cannot bye ruled out, however, reckon resistance at 0.9957 would limit upside and bring further consolidation. Below said support at 0.9859 would signal recent decline from 1.0108 top has resumed and bring further weakness to support at 0.9831 and possibly towards 0.9800.

In view of this, would be prudent to stand aside in the meantime. Only a break of 0.9966-69 resistance would signal low is formed instead, bring subsequent bounce to 1.0000-08 and later towards 1.1030 but resistance at 1.1067 should hold from here.

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