Fri, Jun 02, 2023 @ 21:19 GMT
HomeTrade IdeasCandlesticks IntradayTrade Idea : USD/CHF - Stand aside

Trade Idea : USD/CHF – Stand aside

USD/CHF – 1.0116

Most recent candlesticks pattern : N/A

Trend                                    : Sideways

Tenkan-Sen level                  : 1.0117

Kijun-Sen level                    : 1.0102

Ichimoku cloud top                 : 1.0110

Ichimoku cloud bottom              : 1.0096

New strategy  :

Stand aside

Position : –

Target :  –

Stop : –

Although the greenback found support at 1.0073 yesterday and rebounded since, dollar needs to penetrate resistance at 1.0146 to signal recent erratic rise has resumed and extend further gain to 1.0170-80, however, loss of upward momentum should prevent sharp move beyond 1.0200, risk from there remains for another retreat later.

In view of this, would not chase this rise here and would be prudent to stand aside in the meantime. Below said support at 1.0073 would bring weakness to 1.0060-65 (61.8% Fibonacci retracement of 1.0009-1.0146 and previous support), however, as broad outlook remains consolidative, reckon downside would be limited to 1.0035-40 and price should stay well above support at 1.0009, bring rebound later.

Featured Analysis

Learn Forex Trading