Dollars and Watches - USD/CHF - Ichimoku Short Sell Idea

22 Jul 2018

With the chaos from last week we saw this pair sink below a flat kumo and complete the early stages of a kumo twist. I am biased towards a sell but for this setup I want to see a breakout of the level I am watching. An alternative entry would be a drawback to the flat kumo and rejection to enter a sell. Depending on how the market moves after open will determine which entry I look for. I've drawn out a few potential Take Profit levels I'll be targeting should I enter the sell, with the long term swing target being the previous structure low from a couple weeks ago. The overall movement required for this set up with be determinate upon how the FED reacts to comments that Trump wants to keep a weaker USD to bolster spending and continue to increase the economy. If our bearish confirmations change or we fail to break the level I am watching, this setup may become invalidated.