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Trade Idea Update: USD/CHF – Buy at 1.0510 Print E-mail
Candlesticks and Ichimoku Intraday | Written by Action Forex | Jul 27 10 12:52 GMT

USD/CHF - 1.0568

Original strategy : 

Buy at 1.0530, Target: 1.0630, Stop: 1.0480

New strategy  :  

Buy at 1.0510, Target: 1.0610, Stop: 1.0460

As dollar has retreated after intra-day rally to 1.0604, suggesting minor consolidation would be seen and pullback to the Tenkan-Sen (now at 1.0543), then the Kijun-Sen (now at 1.0531) is likely, however, renewed buying interest should emerge above the Ichimoku cloud top (now at 1.0507) and bring another rally later. Above said resistance would extend the rise from 1.0394 for retracement of early decline to 1.0618, then 1.0630/35 (100% projection of 1.0394 to 1.0564 measuring from 1.0461), however, reckon previous chart point at 1.0676 would hold from here.

In view of this, we are looking to buy dollar again on pullback. Only below support at 1.0461 would abort and signal top has been formed and risk weakness to 1.0420/30 first.

 

About the Author

Candlesticks Intraday Trade Ideas Update Schedule (GMT):
1st Update: 0630 - 0700; 2nd Update: 0930 - 1000; 3rd Update: 1230 - 1300; 4th Update: 1500 - 1530
Pairs Covered: EUR/USD, USD/JPY, GBP/USD, USD/CHF

Elliott Wave Daily Trade Ideas Update Schedule (GMT):
AUD/USD, EUR/JPY: 0800 - 0830; EUR/GBP, USD/CAD: 1430 - 1500 GMT

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