HomeTrade IdeasCandlesticks IntradayTrade Idea : USD/CHF - Target met and sell at 0.9865

Trade Idea : USD/CHF – Target met and sell at 0.9865

USD/CHF – 0.9820

Most recent candlesticks pattern : N/A

Trend                                    : Near term down

Tenkan-Sen level                  : 0.9819

Kijun-Sen level                    : 0.9858

Ichimoku cloud top                 : 0.9916

Ichimoku cloud bottom              : 0.9913

Original strategy :

Sold at 0.9935, met target at 0.9835

Position : – Short at 0.9935

Target :  – 0.9835

Stop : –

New strategy  :

Sell at 0.9865, Target: 0.9765, Stop: 0.9900

Position : –

Target :  –

Stop : –

Dollar’s decline accelerated yesterday after breaking previous support at 0.9876 and 0.9846, adding credence to our bearish view, our short position entered at 0.9935 met downside target at 0.9835 (with 100 points profit) and downside bias remains for the decline from 1.0038 top to extend further weakness to 0.9800, then 0.9770, however, oversold condition should prevent sharp fall below 0.9740-50 and bring rebound later. 

In view of this, we are looking to sell dollar again on recovery as 0.9875-80 should limit upside and bring another decline. Above 0.9900 would defer and suggest low is possibly formed, bring rebound to 0.9920-25 burt resistance at 0.9947 should remain intact, bring another decline.

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