HomeTrade IdeasCandlesticks IntradayTrade Idea Update: USD/CHF - Buy at 0.9540

Trade Idea Update: USD/CHF – Buy at 0.9540

USD/CHF – 0.9659

Original strategy :

Buy at 0.9540, Target: 0.9640, Stop: 0.9505

Position : –

Target :  –

Stop : –

New strategy  :

Buy at 0.9540, Target: 0.9640, Stop: 0.9505

Position : –

Target :  –

Stop : –

As the greenback surged again after this week’s rally from 0.9428, adding credence to our view that recent decline has ended there and upside bias remains for the rise from 0.9428 low to extend further gain to previous resistance at 0.9698-99, however, near term overbought condition should limit upside and reckon 0.9725-30 would hold on first testing, risk from there has increased for a retreat to take place later.

In view of this, we are looking to buy dollar on subsequent pullback as 0.9539 support should limit downside and bring another rebound later. Below 0.9500-10 would defer and suggest first leg of rise from 0.9428 has ended, risk weakness to 0.9470 but price should stay well above said support at 0.9428, bring another rebound. 

Featured Analysis

Learn Forex Trading