HomeTrade IdeasCandlesticks IntradayTrade Idea : USD/CHF - Sell at 0.9725

Trade Idea : USD/CHF – Sell at 0.9725

USD/CHF – 0.9683

Most recent candlesticks pattern : N/A

Trend                                    : Near term up

Tenkan-Sen level                  : 0.9695

Kijun-Sen level                    : 0.9715

Ichimoku cloud top                 : 0.9730

Ichimoku cloud bottom              : 0.9718

Original strategy :

Bought at 0.9725, stopped at 0.9690

Position : – Long at 0.9725

Target :  –

Stop : – 0.9690

New strategy  :

Sell at 0.9725, Target: 0.9625, Stop: 0.9760

Position : –

Target :  –

Stop : –

Although the greenback extended recent rise from 0.9438 to 0.9772, lack of follow through buying on break of previous resistance at 0.9765 and the subsequent retreat suggest top is possibly formed there and consolidation with mild downside bias is seen for weakness to 0.9645 (38.2% Fibonacci retracement of 0.9438-0.9773), however, break of support at 0.9631 is needed to add credence to this view, bring further fall towards 0.9605-10 (50% Fibonacci retracement).

In view of this, we are looking to sell dollar on recovery as 0.9730-35 should limit upside. Only break of yesterday’s high at 0.9773 would abort and revive bullishness for the rise from 0.9438 to extend gain to 0.9800-10. 
 

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