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Trade Idea Wrap-up: USD/CHF – Buy at 0.9150 PDF Print E-mail
Trade Idea Archives | Written by Action Forex | Apr 13 12 15:41 GMT

USD/CHF - 0.9190

Most recent candlesticks pattern    : N/A
Trend                                    : Near term up

Tenkan-Sen level                       :0.9158
Kijun-Sen level                     :0.9146
Ichimoku cloud top                     :0.9164
Ichimoku cloud bottom                 :0.9149

Original strategy : 

Buy at 0.9075, Target: 0.9175, Stop: 0.9040

Position: -
Target:  -

New strategy  :  

Buy at 0.9150, Target: 0.9250, Stop: 0.9115

Position: -
Target:  -

Although dollar has staged a strong rebound after falling to 0.9092 yesterday, suggesting the correction from 0.9222 has possibly ended there and consolidation with upside bias is seen for a retest of said resistance, however, break there is needed to confirm the rise from 0.9002 low has resumed and extend further gain towards previous resistance at 0.9254 which is likely to hold on first testing.

In view of this, we are looking to buy dollar on pullback as 0.9146-49 (current level of the Kijun-Sen and Ichimoku cloud bottom) should limit downside. Only below 0.9120 would abort and prolong choppy consolidation and risk a retest of 0.9092.

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