Trade Idea: USD/CHF – Sell At 1.0255
By actionfx
USD/CHF – 1.0170
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 1.0259
Kijun-Sen level : 1.0259
Ichimoku cloud top : 1.0381
Ichimoku cloud bottom : 1.0342
Original strategy
Sell at 1.0390, Target: 1.0210, Stop: 1.0440
New strategy
Sell at 1.0255, Target: 1.0100, Stop: 1.0320
Despite rebounding to 1.0386 last Friday, the greenback faltered below the Ichimoku cloud top and did fall sharply from there as suggested in our previous update, price tumbled after breaking support at 1.0237 to as low as 1.0132 this morning. This selloff signals recent rise from 0.9910 has ended at 1.0509 and at least a strong correction is under way to 1.0100, however, reckon 1.0050 would limit downside due to oversold condition.
As dollar has recovered after reaching 1.0138-39 (1.236 times projection of 1.0509 to 1.0279 measuring from 1.0422 and also 61.8% Fibonacci retracement of 0.9910 to 1.0509), initial consolidation would take place but the Tenkan-Sen and Kijun-Sen (now at 1.0259) should limit upside, bring another decline later. Above 1.0320 would risk another test of 1.0386 but only breach of key resistance at 1.0422 would signal retreat from 1.0509 is over
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I really like that your message send out jan 11 @ 1:05am to short at 1.0255 is that too late for the reader?