Trade Idea: Forex Trading

Trade Idea: USD/CHF - Buy At 1.0290

Candlesticks Trades |  Written by ActionForex.com |  Dec 18 09 09:58 GMT |

Trade Idea: USD/CHF - Buy At 1.0290 USD/CHF - 1.0411 Most recent candlesticks pattern : N/A Trend : Near term up Tenkan-Sen level : 1.0447 Kijun-Sen level : 1.0401 Ichimoku cloud top : 1.0284 Ichimoku cloud bottom : 1.0165 Original strategy Buy at 1.0310, Target: 1.0500, Stop: 1.0245 New strategy Buy at 1.0290, Target: 1.0490, Stop: 1.0225 As the greenback has finally retreated after rising to 1.0509 yesterday, suggesting minor consolidation below there would take place and correction to 1.0345 is likely, however, reckon the Ichimoku cloud top (now at 1.0284) would limit downside and bring another rally. Above said resistance would extend recent upmove from 0.9910 low for a stronger retracement of early downtrend towards 1.0550 but dollar is expected to falter below resistance at 1.0592 (previous support turned resistance). In view of the above analysis, we are still looking to buy dollar on pullback. Only below minor support at 1.0235 would signal a temporary top is in place, then correction to 1.0190/95 would follow but support at 1.0140 would remain intact. Trade Idea: GBP/USD - Sell At 1.6325 Candlesticks Trades |  Written by ActionForex.com |  Dec 18 09 09:57 GMT |  Trade Idea: GBP/USD - Sell At 1.6325 GBP/USD - 1.6202 Most recent candlesticks pattern : N/A Trend : Near term down Tenkan-Sen level : 1.6207 Kijun-Sen level : 1.6246 Ichimoku cloud top : 1.6444 Ichimoku cloud bottom : 1.6293 Original strategy Sell at 1.6290, Target: 1.6090, Stop: 1.6355 New strategy Sell at 1.6325, Target: 1.6130, Stop: 1.6390 As the British pound has rebounded after falling to 1.6080 yesterday, suggesting consolidation above this level would take place and retracement to the Ichimoku cloud bottom (now at 1.6293) is likely, however, reckon upside would be limited to 1.6325 (38.2% Fibonacci retracement of 1.6722 to 1.6080) and bring another decline later. Below said support would extend weakness to 1.6069 (61.8% projection of 1.6722 to 1.6167 measuring from 1.6412) but oversold condition would limit downside to 1.6000 and risk is seen for a strong rebound later. In view of this, we are looking to sell cable on recovery. Only above resistance at 1.6412 would confirm low has been formed.