Candlesticks Intraday

Trade Idea Wrap-up: USD/CHF - Buy at 0.9585

Typography

USD/CHF - 0.9630


Most recent candlesticks pattern : N/A

Trend                                    : Near term down


Tenkan-Sen level                  : 0.9642

Kijun-Sen level                    : 0.9651

Ichimoku cloud top                 : 0.9662

Ichimoku cloud bottom              : 0.9648


Original strategy :

Buy at 0.9600, Target: 0.9700, Stop: 0.9565

Position : -

Target :  -

Stop : -


New strategy  :

Buy at 0.9585, Target: 0.9685, Stop: 0.9550

Position : -

Target :  -

Stop : -


As the greenback retreated after rising to 0.9688, suggesting consolidation below this level would be seen and pullback to 0.9621 support cannot be ruled out, however, if our view that low has been formed at 0.9552 is correct, downside would be limited to 0.9585-90 and bring another rebound later, above said resistance would extend the rise from 0.9552 low for retracement of recent decline to 0.9700 but reckon upside would be limited and price should falter below resistance area at 0.9738-43.

In view of this, would not chase this rise here and we are looking to buy dollar on pullback as 0.9585-90 should limit downside and bring another rise later. Below 0.9560-65 would abort and signal intra-day top is formed, risk retest of 0.9552, then towards 0.9525-30.

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Author: Action Forex
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