Trade Idea : USD/CHF – Buy at 0.9700

USD/CHF – 0.9722

Most recent candlesticks pattern : N/A

Trend                                    : Near term up

Tenkan-Sen level                  : 0.9723

Kijun-Sen level                    : 0.9718

Ichimoku cloud top                 : 0.9688

Ichimoku cloud bottom              : 0.9683

Original strategy :

Buy at 0.9700, Target: 0.9800, Stop: 0.9665

Position : –

Target :  –

Stop : –

New strategy  :

Buy at 0.9685, Target: 0.9785, Stop: 0.9650

Position : –

Target :  –

Stop : –

Although the greenback has retreated after rising to 0.9765 on Friday and consolidation below this level would be seen, 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 reckon 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).