Sat, Jan 16, 2021 @ 02:02 GMT
Home Trade Ideas Candlesticks Intraday Trade Idea Wrap-up: USD/CHF - Hold long entered at 1.0100

Trade Idea Wrap-up: USD/CHF – Hold long entered at 1.0100

USD/CHF – 1.0100

Most recent candlesticks pattern : N/A

Trend                                    : Near term up

Tenkan-Sen level                  : 1.0115

Kijun-Sen level                    : 1.0120

Ichimoku cloud top                 : 1.0147

Ichimoku cloud bottom              : 1.0145

Original strategy :

Bought at 1.0100, Target: 1.0200, Stop: 1.0070

Position : – Long at 1.0100

Target :  – 1.0200

Stop : – 1.0070

New strategy  :

Hold long entered at 1.0100, Target: 1.0200, Stop: 1.0070

Position : – Long at 1.0100

Target :  – 1.0200

Stop : – 1.0070

As the greenback has slipped again after brief bounce to 1.0142, suggesting further consolidation would be seen but as long as support at 1.0073 holds, mild upside bias remains for another rebound, above said intra-day resistance would bring retest of 1.0171 but break there is needed to confirm recent erratic rise from 0.9861 low has resumed and extend further gain to 1.0200-10 but overbought condition should limit upside to 1.0220-25 and price should falter below previous chart resistance at 1.0248.

In view of this, we are holding on to our long position entered at 1.0100. Below said support at 1.0073 would abort and signal top has been formed instead, risk weakness to 1.0040-45 but reckon support at 1.0009 would remain intact. 

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