Trade Idea Wrap-up: USD/CHF – Hold long entered at 0.9700

USD/CHF – 0.9734

Most recent candlesticks pattern : N/A

Trend                                    : Near term down

Tenkan-Sen level                  : 0.9729

Kijun-Sen level                    : 0.9729

Ichimoku cloud top                 : 0.9792

Ichimoku cloud bottom              : 0.9778

Original strategy :

Bought at 0.9700, Target: 0.9800, Stop: 0.9665

Position : – Long at 0.9700

Target :  – 0.9800

Stop : – 0.9665

New strategy  :

Hold long entered at 0.9700, Target: 0.9800, Stop: 0.9690

Position : – Long at 0.9700

Target :  – 0.9800

Stop : – 0.9690

Although dollar has fallen again after meeting renewed selling interest at 0.9766, loss of downward momentum should prevent sharp fall to repeat and bring subsequent rebound, above said resistance at 0.9766 would bring subsequent bounce to 0.9800 but reckon upside would be limited to 0.9825 and previous resistance at 0.9851 should remain intact, bring another decline later. 

In view of this, we are holding on to our long position entered at 0.9700. Below 0.9670-75 would risk weakness to 0.9650 but still reckon downside would be limited to 0.9620-25 and bring another rebound later.