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Steve O'Hare - First 4 Trading
Steve O’Hare, of First4Trading.net, explains in a technical analysis of charts why he is trading the Oil. O'Hare plans to sell OILUSOCT17 at current levels and on a rally to $47.50. He has a stop at $48.20 and his target is 45.70.
Day trade
/
Sell
Trade view / 11 August 2017 at 5:53 GMT

USDCHF has weak bounce but selling to deepen

Partner at 3 C ANALYSIS / 3cAnalysis
United Kingdom
Instrument: USDCHF
Price target: 0.9514
Market price: 0.9605
Background

After Wednesday’s aggressive change in investor sentiment, yesterday's trading was more subdued. An initial rally proved limited but failed to attract significant selling interest. So USDCHF was caught tightly within less than half of Wednesday’s parameters. This "inside" day does highlight investor uncertainty but it is the weakness of profit-taking, coupled with renewed downside in Asia, that suggests an underlying bearish tone for sentiment.

Management and risk description

A move to 0.9578 means the stop can be lowered to break even.

Parameters

Entry: Sell in 0.9605/10 area and at 0.9633.

Stop: 0.9659 bid.

Target: 0.9578, 0.9552 and 0.9514.

Time horizon: Intraday, ending 1500 GMT.

Weak rally
Weak Rally
 Limited bounce
Limited Rallies
 Long-term
Long Term
 All charts from CQG. Create your own charts with SaxoTrader; click here to learn more


— Edited by Susan McDonald


Non-independent investment research disclaimer applies. Read more
A compiled overview of Trade Views provided on TradingFloor.com is found here
11 August
alki alki
Good call @9633 Allan, thank you.
11 August
AlanCollins AlanCollins
Tks. Looking to reduce exposure near 10 with the stop lowered to 33.
11 August
yakcay yakcay
So have we changed the stop to 33?
11 August
AlanCollins AlanCollins
weaker CHF hindering this. Would reduce shorts further at .9595. Stop to .9627
11 August
Cesime Cesime
good cal Alan you hit 1st tg
11 August
Cesime Cesime
call

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