HomeTrade IdeasCandlesticks IntradayTrade Idea Wrap-up: USD/CHF - Hold long entered at 0.9705

Trade Idea Wrap-up: USD/CHF – Hold long entered at 0.9705

USD/CHF – 0.9748

Most recent candlesticks pattern : N/A

Trend                                    : Near term up

Tenkan-Sen level                  : 0.9741

Kijun-Sen level                    : 0.9744

Ichimoku cloud top                 : 0.9733

Ichimoku cloud bottom              : 0.9722

Original strategy :

Bought at 0.9705, Target: 0.9805, Stop: 0.9690

Position : – Long at 0.9705

Target :  – 0.9805

Stop : – 0.9690

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 found renewed buying interest at 0.9695 and staged a strong rebound, retaining our bullishness and suggesting the pullback from 0.9771 has ended there, hence upside bias remains for a retest of said resistance, break there 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 said support at 0.9695 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.

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