Candlesticks Intraday

Trade Idea Update: USD/CHF - Buy at 0.9540

Typography

USD/CHF - 0.9609


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 : -


The greenback has maintained a firm undertone after staging a strong rebound yesterday, the breach of previous resistance at 0.9595 adds credence to our view that low has been formed at 0.9421 and consolidation with upside bias remains for further gain to 0.9635-40 (61.8% Fibonacci retracement of 0.9773-0.9421), however, near term overbought condition would limit upside to 0.9680 and reckon resistance at 0.9698-99 would remain intact.

In view of this, we are looking to reinstate long on dips as 0.9550-55 should limit downside and bring another upmove later. Below 0.9525-30 would defer and risk correction to 0.9500 but downside should be limited and 0.9450-60 would remain intact, bring another rebound later.