Trade Idea Wrap-up: USD/CHF - Sell at 0.9760

USD/CHF – 0.9687

Most recent candlesticks pattern : N/A

Trend                                    : Near term down

Tenkan-Sen level                  : 0.9719

Kijun-Sen level                    : 0.9721

Ichimoku cloud top                 : 0.9779

Ichimoku cloud bottom              : 0.9725

Original strategy :

Sell at 0.9800, Target: 0.9700, Stop: 0.9835

Position : –

Target :  –

Stop : –

New strategy  :

Sell at 0.9760, Target: 0.9650, Stop: 0.9795

Position : –

Target :  –

Stop : –

As the greenback has fallen again after meeting renewed selling interest at 0.9760, adding credence to our view that the decline from 0.9999 top is still in progress and may extend weakness to previous support at 0.9640, however, break there is needed to retain bearishness and bring further subsequent selloff towards 0.9600 which is likely to hold on first testing due to near term oversold condition.

In view of this, would not chase this fall here and would be prudent to sell dollar on recovery as said resistance at 0.9760 would limit upside and bring another decline later. Above 0.9790-00 would defer and risk a stronger rebound towards previous support area at 0.9843-58.

Trade Idea Wrap-up: USD/CHF - Sell at 0.9760