Trade Idea Update: USD/CHF - Sell at 0.9800

Candlesticks and Ichimoku Intraday |

Written by Action Forex |

Nov 03 16 14:16 GMT

USD/CHF – 0.9757

Original strategy :

Sell at 0.9800, Target: 0.9700, Stop: 0.9835

Position : –

Target :  –

Stop : –

New strategy  :

Sell at 0.9800, Target: 0.9700, Stop: 0.9835

Position : –

Target :  –

Stop : –

As dollar has recovered after holding above this week’s low at 0.9695, suggesting minor consolidation above this level would be seen and corrective bounce to 0.9775-80 (38.2% Fibonacci retracement of 0.9908-0.9695), however, reckon upside would be limited to 0.9800-05 (50% Fibonacci retracement) and bring another decline. A break of said support at 0.9695 would extend the decline from 0.9999 top to 0.9680 (1.618 times projection of 0.9999-0.9858 measuring from 0.9908) but loss of near term downward momentum should prevent sharp fall below previous support at 0.9640, bring rebound later. 

In view of this, would not chase this fall here and would be prudent to sell dollar on recovery as 0.9800 should limit upside. Above 0.9825-30 (61.8% Fibonacci retracement of 0.9908-0.9695) would defer and suggest a temporary low is formed, bring retracement of recent selloff to previous support at area at 0.9843-58.

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Pairs Covered: EUR/USD, USD/JPY, GBP/USD, USD/CHF

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Trade Idea Update: USD/CHF - Sell at 0.9800