Trade Idea Wrap-up: USD/CHF – Buy at 0.9725

USD/CHF – 0.9763

Most recent candlesticks pattern : N/A

Trend                                    : Near term up

Tenkan-Sen level                  : 0.9737

Kijun-Sen level                    : 0.9737

Ichimoku cloud top                 : 0.9735

Ichimoku cloud bottom              : 0.9718

Original strategy :

Buy at 0.9685, Target: 0.9785, Stop: 0.9650

Position : –

Target :  –

Stop : –

New strategy  :

Buy at 0.9725, Target: 0.9825, Stop: 0.9690

Position : –

Target :  –

Stop : –

As the greenback has risen again after finding renewed buying interest at 0.9710, adding credence to our bullish view that recent upmove has resumed and upside bias remains for recent rise from 0.9438 low to extend gain to 0.9775 (50% projection of 0.9438-0.9727 measuring from 0.9631) and later 0.9800-10 (61.8% projection) but near term overbought condition should limit upside to 0.9830-40 and reckon 0.9860-70 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 dips at 0.9715-25 should limit downside. Below said support at 0.9710 would suggest top is possibly formed but only break of 0.9671 support would defer and suggest top is possibly formed, risk correction of recent rise towards support at 0.9631.