Trade Idea Wrap-up: USD/CHF – Buy at 0.9700

USD/CHF – 0.9738

Most recent candlesticks pattern : N/A

Trend                                    : Near term up

Tenkan-Sen level                  : 0.9718

Kijun-Sen level                    : 0.9718

Ichimoku cloud top                 : 0.9691

Ichimoku cloud bottom              : 0.9673

Original strategy :

Buy at 0.9700, Target: 0.9800, Stop: 0.9665

Position : –

Target :  –

Stop : –

New strategy  :

Buy at 0.9700, Target: 0.9800, Stop: 0.9665

Position : –

Target :  –

Stop : –

As the greenback has surged again in NY morning and broke above indicated resistance at 0.9727, adding credence to our bullish view that recent upmove is still in progress and upside bias remains for further gain to 0.9775 (50% projection of 0.9438-0.9727 measuring from 0.9631), however, near term overbought condition should limit upside to 0.9800-10 (61.8% projection) and reckon 0.9830-40 would hold from here, bring retreat later. 
 
In view of this, would not chase this rise here and would be prudent to buy dollar on pullback as 0.9700 should limit downside. Below 0.9670-75 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).