Intraday Trade Ideas - EUR/USD, USD/JPY, GBP/USD, USD/CHF

[Action Forex]

EUR/USD - 1.2856

New strategy :

Sell at 1.2950, Target: 1.2820, Stop: 1.3000

As the single currency has remained under pressure, suggesting the fall from 1.3029 temporary top may bring a stronger retracement of recent upmove to 1.2800, however, reckon minor support at 1.2776-78 (previous resistance as well as 50% Fibonacci retracement) would limit downside and 1.2715/20 (61.8% Fibonacci retracement) should hold, bring another rebound later.

In view of this, we are looking to sell euro on recovery as the Ichimoku cloud bottom (now at 1.2950) should hold and bring such a decline to aforesaid downside targets. Only above 1.3000 would signal correction from 1.3029 is over and bring resumption of upmove for retest of 1.3029, then towards 1.3090/95 (50% projection of 1.2522 to 1.3029 measuring from 1.2839).

 

[Action Forex]

USD/CHF - 1.0522

Most recent candlesticks pattern : N/A
Trend : Down

Tenkan-Sen level :1.0510
Kijun-Sen level :1.0498
Ichimoku cloud top :1.0519
Ichimoku cloud bottom :1.0485

Original strategy :

Buy at 1.0455, Target: 1.0560, stop: 1.0405

New strategy :

Buy at 1.0455, Target: 1.0560, stop: 1.0405

Although near term choppy movements within indicated range of 1.0446-1.0561 is expected to continue, support area at 1.0448-53 should contain downside and bring another rebound later. A rise above said upper range at 1.0561 would add credence to our near term bullishness for a retracement of recent fall towards resistance at 1.0618 but reckon next resistance 1.0646 would remain intact.

In view of this, we are still looking to buy dollar on dips. Only below support at 1.0400 would abort and signal decline has resumed and extend weakness to 1.0345/50 (50% projection of 1.1138 to 1.0481

 

[Action Forex]

USD/JPY – 86.67

Original strategy :

Sell at 87.05, Target: at 86.00, Stop: 87.55

New Strategy :

Sell at 87.10, Target: at 86.00, Stop: 87.60

Despite intra-day fall to 86.34, as the greenback has rebounded after holding above previous support at 86.27, suggesting consolidation would be seen and above the Kijun-Sen (now at 86.85) would bring recovery to the Ichimoku cloud bottom (now at 87.06), however, reckon 87.10-20 (61.8% Fibonacci retracement of 87.57 to 86.34 and current level of the upper Kumo) would hold and bring another decline later. A break of said support at 86.27 would extend weakness to 86.00, however, reckon 85.75/80 (61.8% projection of 89.15 to 86.27 measuring from 87.57) would hold on first testing and risk from there has increased for a rebound later.

In view of this, we are still looking to sell dollar on recovery. Only above resistance at 87.57 would defer and risk stronger rebound to 87.70 (50% Fibonacci retracement of 89.12 to 86.27) but 88.02-03 (previous support and 61.8% Fibonacci retracement of 89.12 to 86.27) should cap upside.

 

[Action Forex]

USD/CHF - 1.0417

Most recent candlesticks pattern : N/A
Trend : Down

Tenkan-Sen level :1.0450
Kijun-Sen level :1.0466
Ichimoku cloud top :1.0507
Ichimoku cloud bottom :1.0507

Original strategy :

Sell at 1.0500, Target: 1.0400, Stop: 1.0550

New strategy :

Sell at 1.0500, Target: 1.0400, Stop: 1.0550

Dollar’s intra-day selloff to 1.0394 confirms recent decline has resumed and further weakness to 1.0345/50 (50% projection of 1.1138 to 1.0481 measuring from 1.0676) would be seen, however, near term oversold condition should prevent sharp fall below there and reckon 1.0300 would hold from here.

In view of this, we are looking to sell dollar on recovery as upside would be limited to the Ichimoku cloud (now at 1.0507) and bring such a decline. Only above resistance at 1.0561 resistance would abort and signal low has been formed, then stronger rebound towards 1.0618 would follow.

 

[Action Forex]

GBP/USD - 1.5418

New strategy :

Buy at 1.5340, Target: 1.5450, Stop: 1.5290

The British pound has rallied in London morning after breaking resistance at 1.5335 and this move confirms the decline from 1.5473 top has ended at 1.5125 earlier and further gain to 1.5450 would be seen but break of said resistance at 1.5473 is needed to signal upmove has resumed for headway towards 1.5500/10.

In view of this, we are looking to buy cable on pullback as the Tenkan-Sen (now at 1.5339) should attract renewed buying interest. Only below 1.5296 (previous resistance turned support) would signal intra-day top is formed and risk weakness to the upper Kumo (now at 1.5230).

 

[Action Forex]

GBP/USD - 1.5497

Original strategy :

Buy at 1.5410, Target: 1.5510, Stop: 1.5360

New strategy :

Buy at 1.5410, Target: 1.5510, Stop: 1.5360

As the British pound has maintained a firm undertone, suggesting recent upmove is still in progress and further gain to indicated upside target at 1.5510/15 (50% projection of 1.5125 to 1.5450 measuring from 1.5349) would be seen, above would extend to 1.5550 (61.8% projection), however, loss of near term upward momentum should prevent sharp move beyond there and reckon 1.5600 would hold from here, risk from there has increased for a retreat later.

In view of this, we are looking to buy cable on pullback as the Kijun-Sen (now at 1.5406) would attract renewed buying interest. Below 1.5360 would risk correction to 1.5349 but previous resistance at 1.5296 should remain intact.

 

[Action Forex]

USD/CHF - 1.0497

Original strategy :

Buy at 1.0520, Target: 1.0630, Stop: 1.0470

New strategy :

Sell at 1.0545, Target: 1.0445, Stop: 1.0595

As the greenback has remained under pressure after breaking support at 1.0545, suggesting further weakness to 1.0461 support would be seen, break there would indicate the correction from 1.0394 has ended at 1.0640 earlier and fall to 1.0430/40 would follow but only below 1.0408 support would signal decline has resumed and bring retest of 1.0394 and later towards 1.0340/50.

In view of this, we are looking to turn short on recovery as renewed selling interest should emerge around previous support at 1.0545 (just below the Ichimoku cloud bottom and Kijun-Sen at 1.0550-52) and bring such fall. Only above the Ichimoku cloud top (now at 1.0584) would signal low has been formed and prolong choppy consolidation but resistance at 1.0640 should cap upside.

 

[Singapore Trader]

USD/CHF is going down on 24 h time frame. Looks like a great opportunity to catch a trend!