Mon, May 23, 2022 @ 00:07 GMT
HomeTrade IdeasCandlesticks IntradayTrade Idea : USD/CHF - Hold long entered at 0.9850

Trade Idea : USD/CHF – Hold long entered at 0.9850

USD/CHF – 0.9860

Most recent candlesticks pattern : N/A

Trend                                    : Near term down

Tenkan-Sen level                  : 0.9854

Kijun-Sen level                    : 0.9857

Ichimoku cloud top                 : 0.9887

Ichimoku cloud bottom              : 0.9865

Original strategy :

Bought at 0.9850, Target: 0.9950, Stop: 0.9820

Position : – Long at 0.9850

Target :  – 0.9950

Stop : – 0.9820

New strategy  :

Hold long entered at 0.9850, Target: 0.9950, Stop: 0.9825

Position : – Long at 0.9850

Target :  – 0.9950

Stop : – 0.9825

Although the greenback fell marginally to 0.9835 yesterday, lack of follow through selling and current rebound from 0.9835 suggest consolidation with mild upside bias is seen for gain to 0.9880, then 0.9900, however, break of resistance at 0.9935-36 is needed to signal low is formed, bring a stronger rebound to 0.9950-55 but price should falter well below resistance at 0.9978, bring retreat later.

In view of this, we are holding on to our long position entered at 0.9850. Below 0.9825-30 (61.8% Fibonacci retracement of 0.9735-0.9978) would signal the fall from 0.9978 top is still in progress and may extend further fall to 0.9795-00 and possibly towards 0.9775-80.

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