Source url: http://www.actionforex.com/trading-signals/candlesticks-and-ichimoku-intraday/trade-idea-wrap-up:-usd%10chf-%e2%80%93-sell-at-0.9710-20101104126016/
USD/CHF - 0.9613
Most recent candlesticks pattern : N/A
Trend : Sideways
Tenkan-Sen level :0.9671
Kijun-Sen level :0.9712
Ichimoku cloud top :0.9865
Ichimoku cloud bottom :0.9799
Original strategy :
Sell at 0.9720, Target: 0.9620, Stop: 0.9760
New strategy :
Sell at 0.9710, Target: 0.9600, Stop: 0.9760
Although dollar has remained under pressure and the decline from 0.9972 top may extend weakness to 0.9580/85, near term oversold condition should prevent sharp fall below support at 0.9573 and risk has increased for a corrective rebound later.
In view of this, would not chase this move at current level and we prefer to wait for subsequent recovery to sell dollar as upside should be limited to the Kijun-Sen (now at 0.9712) and bring another decline. Above previous support at 0.9758 would signal a temporary low is in place and risk retracement to the Ichimoku cloud bottom (now at 0.9799).
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Candlesticks Intraday Trade Ideas Update Schedule (GMT):
1st Update: 0630 - 0700; 2nd Update: 0930 - 1000; 3rd Update: 1230 - 1300; 4th Update: 1500 - 1530
Pairs Covered: EUR/USD, USD/JPY, GBP/USD, USD/CHF
Elliott Wave Daily Trade Ideas Update Schedule (GMT):
AUD/USD, EUR/JPY: 0800 - 0830; EUR/GBP, USD/CAD: 1330 - 1400
