Candlesticks Intraday

Trade Idea : USD/CHF - Buy at 0.9705

Typography

USD/CHF - 0.9731


Most recent candlesticks pattern : N/A

Trend                                    : Near term up


Tenkan-Sen level                  : 0.9736

Kijun-Sen level                    : 0.9739

Ichimoku cloud top                 : 0.9744

Ichimoku cloud bottom              : 0.9706


Original strategy :

Buy at 0.9705, Target: 0.9805, Stop: 0.9670

Position : -

Target :  -

Stop : -


New strategy  :

Buy at 0.9705, Target: 0.9805, Stop: 0.9670

Position : -

Target :  -

Stop : -



As the greenback has retreated after rising to 0.9771 late last week, retaining our view that minor consolidation below this level would be seen and pullback to 0.9720 cannot be ruled out, however, reckon support at 0.9703 would limit downside and bring another rise later, above said resistance at 0.9771 would extend recent rise from 0.9613 low to resistance at 0.9808 but reckon previous resistance at 0.9825 would hold from here due to near term overbought condition, bring retreat later.

In view of this, we re looking to buy dollar on pullback as 0.9700-05 should limit downside. Below 0.9680 would defer and risk weakness towards said support at 0.9641 but only break there would abort and revive bearishness, this would also suggest the rebound from 0.9613 has ended instead, bring retest of this level later.