Thu, Feb 09, 2023 @ 12:35 GMT
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Trade Idea Wrap-up: USD/CHF – Stand aside

USD/CHF – 0.9868

Most recent candlesticks pattern : N/A

Trend                                    : Near term up

Tenkan-Sen level                  : 0.9885

Kijun-Sen level                    : 0.9901

Ichimoku cloud top                 : 0.9895

Ichimoku cloud bottom              : 0.9884

New strategy  :

Stand aside

Position : –

Target :  –

Stop : –

Despite rising to 0.9935, failure to extend such a rebound and the subsequent retreat dampened our bullishness and further consolidation is in store, initial downside risk is seen for weakness towards support at 0.9840, however, only break there would extend the fall from 0.9978 top to 0.9820-25, then 0.9800 which is likely to hold from here due to near term oversold condition.

In view of this, would not chase this fall here and stand aside in the meantime. Above 0.9900 would bring another test of said resistance at 0.9935-36, however, break of this level is needed to revive bullishness and signal the pullback from 0.9978 has ended at 0.9840, bring retest of this level later.

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