Trade Idea Update: USD/CHF - Sell at 1.0075
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Trade Idea Update: USD/CHF - Sell at 1.0075
Candlesticks and Ichimoku Intraday |
Written by Action Forex |
Sell at 1.0075, Target: 0.9975, Stop: 1.0110
Sell at 1.0075, Target: 0.9975, Stop: 1.0110
As dollar has recovered after finding support at 0.9967, suggesting consolidation above this level would be seen and corrective bounce to 1.0020-30 and possibly resistance at 1.0049 cannot be ruled out, however, reckon upside would be limited to 1.0075-80 and bring another decline to 0.9960 (61.8% Fibonacci retracement of 0.9861-1.0119), below there would bring retracement of recent rise to previous support at 0.9930-36 support but reckon downside would be limited and support at 0.9904 would remain intact.
In view of this, we are looking to sell dollar on recovery as 1.0070-75 should limit upside. Only above said resistance at 1.0119 would abort and signal recent upmove is still in progress for further gain to previous resistance at 1.0122 but loss of upward momentum should prevent sharp move beyond 1.0150 and reckon 1.0190-00 would hold from here.
Candlesticks Intraday Trade Ideas Update Schedule (GMT):
1st Update: 0630 – 0700; 2nd Update: 0930 – 1000; 3rd Update: 1230 – 1300; 4th Update: 1500 – 1530
Pairs Covered: EUR/USD, USD/JPY, GBP/USD, USD/CHF
Elliott Wave Daily Trade Ideas Update Schedule (GMT):
AUD/USD, EUR/JPY: 0800 – 0830; EUR/GBP, USD/CAD: 1430 – 1500 GMT
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