Trade Idea Wrap-up: USD/CHF – Hold long entered at 0.9950

USD/CHF – 1.0003

Most recent candlesticks pattern : N/A

Trend                                    : Up

Tenkan-Sen level                  : 1.0015

Kijun-Sen level                    : 1.0008

Ichimoku cloud top                 : 0.9993

Ichimoku cloud bottom              : 0.9976

Original strategy :

Bought at 0.9950, Target: 1.0050, Stop: 0.9950

Position : – Long at 0.9950

Target :  – 1.0050

Stop : – 0.9950

New strategy  :

Hold long entered at 0.9950, Target: 1.0050, Stop: 0.9950

Position : – Long at 0.9950

Target :  – 1.0050

Stop : – 0.9950

As the greenback found renewed buying interest at 0.9948 and has staged another rebound, retaining our bullish view for recent rise to resume after consolidation, above said resistance at 1.0038 would confirm the rise from 0.9421 low has resumed and extend further gain to 1.0050-55, then towards 1.0075-80 but price should falter below 1.0100 chart resistance.

In view of this, we are holding on to our long position entered at 0.9950. Below said support at 0.9938-48 would abort and signal top is formed instead, risk correction to 0.9920-23 (38.2% Fibonacci retracement of 0.9737-1.0038) but 0.9885-90 (50% Fibonacci retracement) should limit downside and support at 0.9869 would remain intact.