Candlesticks Intraday

Trade Idea Wrap-up: USD/CHF - Hold long entered at 0.9705

Typography

USD/CHF - 0.9739


Most recent candlesticks pattern : N/A

Trend                                    : Near term up


Tenkan-Sen level                  : 0.9719

Kijun-Sen level                    : 0.9720

Ichimoku cloud top                 : 0.9745

Ichimoku cloud bottom              : 0.9706


Original strategy :

Bought at 0.9705, Target: 0.9805, Stop: 0.9690

Position : - Long at 0.9705

Target :  - 0.9805

Stop : - 0.9690


New strategy  :

Hold long entered at 0.9705, Target: 0.9805, Stop: 0.9690

Position : - Long at 0.9705

Target :  - 0.9805

Stop : - 0.9690


Although the greenback slipped initially to 0.9695, as dollar found renewed buying interest there as suggested and has rebounded, retaining our bullishness and above 0.9755-60 would signal the pullback from last week’s high of 0.9771 has ended, bring retest of this level, break there 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 are holding on to our long position entered at 0.9705. Below said support at 0.9695 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.

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Author: Action Forex
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