Wed, Jun 23, 2021 @ 11:56 GMT
HomeTrade IdeasCandlesticks IntradayTrade Idea Wrap-up: USD/CHF - Exit long entered at 0.9850

Trade Idea Wrap-up: USD/CHF – Exit long entered at 0.9850

USD/CHF – 0.9850

Most recent candlesticks pattern : N/A

Trend                                    : Near term down

Tenkan-Sen level                  : 0.9857

Kijun-Sen level                    : 0.9857

Ichimoku cloud top                 : 0.9885

Ichimoku cloud bottom              : 0.9854

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  :

Exit long entered at 0.9850,

Position : – Long at 0.9850

Target :  –

Stop : –

Despite intra-day brief bounce to 0.9886, the subsequent selloff on dollar’s broad-based weakness dampened our near term bullishness and downside risk remains for the decline from 0.9978 to extend weakness to 0.9795-00, however, reckon downside would be limited to 0.9750 and risk from there has increased for a rebound later due to anticipated oversold condition.

In view of this, would be prudent to exit long entered at 0.9850 and stand aside for now. Only above said resistance at 0.9886 would revive bullishness and signal an intra-day low is formed, bring rebound to 0.9905-10 and later towards resistance at 0.9935-36 which is likely to hold from here.

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