HomeTrade IdeasCandlesticks IntradayTrade Idea Update: USD/CHF - Buy at 1.0015

Trade Idea Update: USD/CHF – Buy at 1.0015

USD/CHF – 1.0088

Original strategy :

Buy at 1.0015, Target: 1.0115, Stop: 0.9980

Position : –

Target :  –

Stop : –

New strategy  :

Buy at 1.0015, Target: 1.0115, Stop: 0.9980

Position : –

Target :  –

Stop : –

As the greenback has continued trading with a firm undertone after this week’s rally, adding credence to our view that recent upmove is still in progress and may extend further gain to previous resistance at 1.0108, break there would confirm resumption of early rise and encourage for headway to 1.0130 and then 1.0150-55 which is likely to hold from here due to loss of near term upward momentum. 

In view of this, would not chase this rise here and we are looking to buy dollar on pullback as 1.0010-15 should limit downside. Only below previous resistance at 0.9957 would defer and suggest top is possibly formed, bring test of 0.9920-25 but break of previous resistance at 0.9903 is needed to add credence to this view, bring further fall to 0.9880-85.

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