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Trade Idea Wrap-up: USD/CHF – Hold long entered at 0.9405 Print E-mail
Candlesticks and Ichimoku Intraday | Written by Action Forex | Mar 06 13 16:12 GMT

USD/CHF - 0.9462

Most recent candlesticks pattern    : N/A

Trend                                    : Near term up

Tenkan-Sen level                     :0.9444
Kijun-Sen level                       :0.9437
Ichimoku cloud top                    :0.9411
Ichimoku cloud bottom                 :0.9428

Original strategy                                          :

Bought at 0.9405, Target: 0.9505, Stop: 0.9400

Position: -  Long at 0.9405
Target:  - 0.9505
Stop:-  0.9400

New strategy  : 

Hold long entered at 0.9405, Target: 0.9505, Stop: 0.9425

Position: -  Long at 0.9405
Target:  - 0.9505
Stop:-  0.9425

Current breach of previous resistance at 0.9462 adds credence to our bullish view for recent rise from 0.9024 low to resume and further gain to 0.9495-00 (61.8% Fibonacci retracement of entire fall from 0.9972-0.9024) and possibly 0.9510-15 would be seen, however, overbought condition should limit upside to 0.9540-50, risk from there has increased for a retreat later. 

In view of this, we are holding on to our long position entered at 0.9405. Below the Ichimoku cloud top (now at 0.9428) would risk test of lower Kumo (now at 0.9411) but break of support at 0.9395 is needed to signal top is formed and risk weakness to 0.9370, however, reckon 0.9350-55 would hold and bring another rise later.

 

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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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