Forex Expos Trade Idea Wrap-up: USD/CHF - Hold short entered at 0.9400

Candlesticks and Ichimoku Intraday | Written by Action Forex | Jun 11 15 15:45 GMT

USD/CHF - 0.9360

Most recent candlesticks pattern : N/A
Trend : Near term down

Tenkan-Sen level : 0.9362
Kijun-Sen level : 0.9331
Ichimoku cloud top : 0.9321
Ichimoku cloud bottom : 0.9276

Original strategy :
Sold at 0.9400, Target: 0.9300, Stop: 0.9410
Position : - Short at 0.9400
Target : - 0.9300
Stop : - 0.9410

New strategy :
Hold short entered at 0.9400, Target: 0.9300, Stop: 0.9410
Position : - Short at 0.9400
Target : - 0.9300
Stop : - 0.9410

As the greenback has rebounded again after finding support at 0.9298, suggesting further consolidation above yesterday's low at 0.9233 would be seen, however, reckon 0.9405-10 would limit upside, bring retreat later, below said support at 0.9298 would suggest an intra-day top is possibly formed, bring weakness to 0.9255, below there would signal rebound from 0.9233 has ended, bring retest of this level, then 0.9200-10 but reckon 0.9170-75 (1.236 times projection of 0.9543-0.9278 measuring from 0.9502) would limit downside.

In view of this, we are holding on to our short position entered at 0.9400. Only above resistance at 0.9430 would abort and signal recent decline has ended, bring further gain to 0.9470 and later towards said resistance at 0.9502.

forexjust