Trade Idea Wrap-up: USD/CHF – Buy at 0.9540

USD/CHF – 0.9596

Most recent candlesticks pattern : N/A

Trend                                    : Down

Tenkan-Sen level                  : 0.9574

Kijun-Sen level                    : 0.9534

Ichimoku cloud top                 : 0.9545

Ichimoku cloud bottom              : 0.9489

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 found good support at 0.9428 and has staged a strong rebound, suggesting recent decline has formed a temporary low there and consolidation with upside bias is seen for gain to previous support at 0.9620 then 0.9637-40 (61.8% Fibonacci retracement of 0.9766-0.9428), however, near term overbought condition should prevent sharp move beyond resistance at 0.9663 and price should falter below 0.9698-99 resistance, bring retreat later.

In view of this, we are looking to buy dollar on 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.