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

USD/CHF – 0.9988

Most recent candlesticks pattern : N/A

Trend                                    : Up

Tenkan-Sen level                  : 1.0001

Kijun-Sen level                    : 0.9996

Ichimoku cloud top                 : 1.0003

Ichimoku cloud bottom              : 0.9989

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: 0.9970

Position : – Long at 0.9950

Target :  – 1.0050

Stop : – 0.9970

Although the greenback retreated after rising to 1.0029, reckon downside would be limited to 0.9970-75 and bullishness remains for recent rise to resume after consolidation, above said resistance at 1.0029 would bring retest of 1.0038, break there 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. Only 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.