Trade Idea Update: USD/CHF - Sell at 1.0195
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Trade Idea Update: USD/CHF - Sell at 1.0195
Candlesticks and Ichimoku Intraday |
Written by Action Forex |
Sell at 1.0195, Target: 1.0065, Stop: 1.0230
Sell at 1.0195, Target: 1.0065, Stop: 1.0230
Although the greenback fell briefly to 1.0043 on Friday, lack of follow through selling on break of previous support at 1.0057 and the subsequent rebound suggest consolidation above this level would be seen, hence recovery to the upper Kumo (now at 1.0152), then 1.0170 (61.8% Fibonacci retracement of 1.0248-1.0043) cannot be ruled out, however, reckon upside would be limited to 1.0195-00 and bring another decline later. Below 1.0075-80 would bring test of said support at 1.0043, break there would extend early fall from 1.0344 top to support at 1.0021, then towards 1.0000 (psychological support as well as 100% projection of 1.0335-1.0087 measuring from 1.0248) but downside should be limited to 0.9945-50 (50% Fibonacci retracement of intermediate rise from 0.9550-1.0344).
In view of this, we are looking to sell dollar on further recovery as 1.0190-00 should limit upside. Above 1.0215-20 would defer and suggest a temporary low is formed, risk a stronger rebound to 1.0248 resistance but break there is needed to provide confirmation.
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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