Wed, Feb 08, 2023 @ 16:52 GMT
HomeTrade IdeasCandlesticks IntradayTrade Idea : USD/CHF - Exit long entered at 0.9860

Trade Idea : USD/CHF – Exit long entered at 0.9860

USD/CHF – 0.9865

Most recent candlesticks pattern : N/A

Trend                                    : Near term up

Tenkan-Sen level                  : 0.9853

Kijun-Sen level                    : 0.9885

Ichimoku cloud top                 : 0.9913

Ichimoku cloud bottom              : 0.9909

Original strategy :

Bought at 0.9860, Target: 0.9970, Stop: 0.9825

Position : – Long at 0.9860

Target :  – 0.9970

Stop : – 0.9825

New strategy  :

Exit long entered at 0.9860,

Position : – Long at 0.9860

Target :  –

Stop : –

Dollar’s overnight post-Fed selloff dampened our bullishness and suggests near term downside risk remains for the fall from 0.9978 top to bring retracement of recent rise, below 0.9840 would extend weakness to 0.9820, then towards 0.9790-95, having said that, near term oversold condition should limit downside and price should stay above 0.9755-60, bring rebound later.

In view of this, would be prudent to exit long entered at 0.9860 and stand aside in the meantime. Above the Kijun-Sen (now at 0.9885) would bring rebound to 0.9910-15 but only break of resistance at 0.9936 would revive bullishness and signal low is formed instead, bring further gain to 0.9950-60 first. 

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