HomeTrade IdeasCandlesticks IntradayTrade Idea : USD/CHF - Buy at 0.9600

Trade Idea : USD/CHF – Buy at 0.9600

USD/CHF – 0.9647

Most recent candlesticks pattern : N/A

Trend                                    : Near term down

Tenkan-Sen level                  : 0.9644

Kijun-Sen level                    : 0.9641

Ichimoku cloud top                 : 0.9628

Ichimoku cloud bottom              : 0.9606

Original strategy :

Buy at 0.9600, Target: 0.9700, Stop: 0.9565

Position : –

Target :  –

Stop : –

New strategy  :

Buy at 0.9600, Target: 0.9700, Stop: 0.9565

Position : –

Target :  –

Stop : –

As the greenback has maintained a firm undertone after staging a strong rebound from 0.9552 (last week’s low), retaining our view that a temporary low has been formed there and consolidation with mild upside bias is seen for this move to bring retracement of recent decline, hence gain to 0.9667-76 (61.8% Fibonacci retracement of 0.9738-0.9552 and previous support turned resistance) is likely, however, reckon upside would be limited to 0.9700 and price should falter below resistance at 0.9738.

In view of this, we are looking to turn long on pullback as 0.9600 should limit downside and bring another rise later. Below 0.9565-70 would abort and signal intra-day top is formed, risk retest of 0.9552 first.

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