Trade Idea: USD/CHF – Sell at 0.9385 or buy at 0.9285

USD/CHF - 0.9331

Most recent candlesticks pattern    : N/A

Trend                                    : Near term down

Tenkan-Sen level                     :0.9326
Kijun-Sen level                       :0.9298
Ichimoku cloud top                    :0.9272
Ichimoku cloud bottom                 :0.9271

Original strategy : 

Sell at 0.9385, Target: 0.9270, Stop: 0.9420

O.C.O.

Buy at 0.9285, Target: 0.9385, Stop: 0.9250

Position: -
Target:  -
Stop:- 

New strategy  :  

Sell at 0.9385, Target: 0.9270, Stop: 0.9420

O.C.O.

Buy at 0.9285, Target: 0.9385, Stop: 0.9250

Position: -
Target:  -
Stop:-
 
Yesterday's rally above resistance at 0.9300 signals temporary low is formed at 0.9243 and further consolidation above this level would be seen with upside bias for retracement of recent decline to 0.9389-92 resistance, however, near term overbought condition should limit upside and reckon 0.9400 would hold from here, bring retreat later. Below the Kijun-Sen (now at 0.9298) would bring weakness towards the Ichimoku cloud (now at 0.9271-72) which is likely to hold, bring another rebound later.

In view of this, whilst we are still looking to sell dollar on further subsequent recovery, we are also looking to buy dollar on dips. Above 0.9410 (61.8% Fibonacci retracement of 0.9513-0.9243) would shift risk to upside for a stronger retracement of recent decline to 0.9430-35 but resistance at 0.9459 should cap upside. Only below said support at 0.9243 would confirm recent decline has resumed for test of previous support at 0.9216 and possibly towards 0.9195-00 (61.8% projection of 0.9491-0.9257 measuring from 0.9341).


IMOH, Clement I
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