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Candlesticks Intraday

Trade Idea Update: USD/CHF - Hold long entered at 0.9705

Typography

USD/CHF - 0.9731


Original strategy :

Bought at 0.9705, Target: 0.9805, Stop: 0.9670

Position : - Long at 0.9705

Target :  - 0.9805

Stop : - 0.9670


New strategy  :

Hold long entered at 0.9705, Target: 0.9805, Stop: 0.9690

Position : - Long at 0.9705

Target :  - 0.9805

Stop : - 0.9690


As the greenback has retreated after rising to 0.9771 late last week, retaining our view that minor consolidation below this level would be seen, however, reckon 0.9690-95 would contain downside and bring another rise later, above said resistance at 0.9771 would extend recent rise from 0.9613 low to resistance at 0.9808 but reckon previous resistance at 0.9825 would hold from here due to near term overbought condition, bring retreat later.

In view of this, we are holding on to our long position entered at 0.9705. Below 0.9680-90 would defer and risk weakness towards said support at 0.9641 but only break there would abort and revive bearishness, this would also suggest the rebound from 0.9613 has ended instead, bring retest of this level later.