Trade Idea Wrap-up: USD/CHF – Hold short entered at 0.8460
By admin | June 21, 2011
USD/CHF – 0.8435
Most recent candlesticks pattern : N/A
Trend : Sideways
Tenkan-Sen level :0.8436
Kijun-Sen level :0.8441
Ichimoku cloud top :0.8469
Ichimoku cloud bottom :0.8467
Original strategy :
Sold at 0.8460, Target: 0.8360, Stop: 0.8480
New strategy :
Hold short entered at 0.8460, Target: 0.8360, Stop: 0.8480
As the greenback has remained locked within near term established range, further sideways trading cannot be ruled out, however, still reckon the Ichimoku cloud (now at 0.8467-69) would limit upside, bring another fall to yesterday’s low at 0.8408, break there would add credence to this view for the fall from 0.8552 to extend weakness towards support at 0.8348. Having said that, a break of this support is needed to confirm correction from 0.8327 has ended and bring a subsequent retest of this level.
In view of this, we are holding on to our short position entered at 0.8460. Only above minor resistance at 0.8475 would abort and shift risk to upside for a test of resistance at 0.8518, break there would signal the fall from 0.8552 has ended, then retest of this level would follow.
