HomeTrade IdeasCandlesticks IntradayTrade Idea : USD/CHF - Buy at 0.9685

Trade Idea : USD/CHF – Buy at 0.9685

USD/CHF – 0.9729

Most recent candlesticks pattern : N/A

Trend                                    : Near term up

Tenkan-Sen level                  : 0.9730

Kijun-Sen level                    : 0.9733

Ichimoku cloud top                 : 0.9721

Ichimoku cloud bottom              : 0.9718

Original strategy :

Buy at 0.9685, Target: 0.9785, Stop: 0.9650

Position : –

Target :  –

Stop : –

New strategy  :

Buy at 0.9685, Target: 0.9785, Stop: 0.9650

Position : –

Target :  –

Stop : –

The greenback has traded narrowly since yesterday, retaining our view that consolidation below Friday’s high at 0.9765 would be seen, however, reckon downside would be limited to support at 0.9671 and bring another rise later, above said resistance at 0.9765 would signal recent upmove is still in progress, then further gain to 0.9775 (50% projection of 0.9438-0.9727 measuring from 0.9631) and later 0.9800-10 (61.8% projection) would follow but 0.9830-40 would hold from here, bring another retreat later. 
 
In view of this, would not chase this rise here and would be prudent to buy dollar on pullback as 0.9680-85 should limit downside. Below 0.9671 support would defer and suggest top is possibly formed, risk test of support at 0.9631 but break there is needed to add credence to this view, bring retracement of recent rise to 0.9596 (previous resistance turned support). 

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