Thu, Dec 09, 2021 @ 10:23 GMT
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Trade Idea : USD/CHF – Stand aside

USD/CHF – 0.9862

Most recent candlesticks pattern : N/A

Trend                                    : Near term down

Tenkan-Sen level                  : 0.9862

Kijun-Sen level                    : 0.9857

Ichimoku cloud top                 : 0.9870

Ichimoku cloud bottom              : 0.9855

Original strategy :

Exit long entered at 0.9850,

Position : – Long at 0.9850

Target :  –

Stop : –

New strategy  :

Stand aside

Position : –

Target :  –

Stop : –

Despite yesterday’s brief fall to 0.9828, lack of follow through selling on break of previous support at 0.9835 and the subsequent rebound suggest consolidation would be seen, however, break of 0.9886 resistance is needed to signal low has been formed, bring a stronger rebound to 0.9910-15 but indicated resistance at 0.9935-36 should hold from here, bring another decline.

On the downside, below said support at 0.9828 would extend the decline from 0.9978 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. As near term outlook is still mixed, would be prudent to stand aside for now.

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