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

Trade Idea : USD/CHF – Buy at 0.9600

USD/CHF – 0.9682

Most recent candlesticks pattern : N/A

Trend                                    : Near term up

Tenkan-Sen level                  : 0.9680

Kijun-Sen level                    : 0.9695

Ichimoku cloud top                 : 0.9693

Ichimoku cloud bottom              : 0.9673

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 eased after faltering below indicated resistance at 0.9727, retaining our view that further consolidation below this level would be seen and risk of another retreat to 0.9655-50 cannot be ruled out, however, reckon downside would be limited to 0.9596 (previous resistance turned support) and bring another rise later. A break of indicated resistance at 0.9727 is needed to signal recent upmove has resumed and extend gain to 0.9750-60, then 0.9780, however, near term overbought condition should limit upside to 0.9800-10, bring retreat later. 
 
In view of this, would not chase this rise here and would be prudent to buy dollar on subsequent pullback as previous resistance at 0.9596 should turn into support and contain dollar’s downside. Below 0.9580 (61.8% Fibonacci retracement of 0.9490-0.9727) would defer and suggest a temporary top is formed instead, bring correction to 0.9540-50 but price should stay well above support at 0.9490, bring another rise later. 

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