Sat, Mar 25, 2023 @ 17:25 GMT
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Trade Idea Wrap-up: USD/CHF – Stand aside

USD/CHF – 1.0045

Most recent candlesticks pattern : N/A

Trend                                    : Near term down

Tenkan-Sen level                  : 1.0047

Kijun-Sen level                    : 1.0049

Ichimoku cloud top                 : 1.0082

Ichimoku cloud bottom              : 1.0071

New strategy  :

Stand aside

Position : –

Target :  –

Stop : –

As the greenback has surged again after staging a strong rebound from 1.0008, suggesting the fall from 1.0108 has ended there and consolidation with mild upside bias is seen for test of resistance at 1.0090, however, a firm break above there is needed to retain bullishness and signal the fall from 1.0108 has ended, bring a retest of 1.0108 but only a break of this week’s high at 1.0108 would confirm recent upmove from 0.9813 has resumed for headway to 1.0140-45 and later towards another previous resistance at 1.0171. 

In view of this, would not chase this rise here and would be prudent to stand aside for now. Below 1.0025-30 would signal an intra-day top is formed, bring another fall to 1.0007, once this level is penetrated, this would revive bearishness and extend fall to previous support at 0.9995, then towards 0.9970 (50% Fibonacci retracement of 0.9831-1.0108). 

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