Trade Idea Wrap-up: USD/CHF – Buy at 0.9980

USD/CHF – 1.0009

Most recent candlesticks pattern : N/A

Trend                                    : Up

Tenkan-Sen level                  : 1.0004

Kijun-Sen level                    : 0.9994

Ichimoku cloud top                 : 0.9987

Ichimoku cloud bottom              : 0.9970

Original strategy :

Buy at 0.9980, Target: 1.0080, Stop: 0.9945

Position : –

Target :  –

Stop : –

New strategy  :

Buy at 0.9980, Target: 1.0080, Stop: 0.9945

Position : –

Target :  –

Stop : –

As the greenback has continued moving higher after breaking indicated level at 1.0000, suggesting the pullback from 1.0038 has ended at 0.9938 and a retest of this level would be seen, break there would confirm recent upmove from 0.9421 low has resumed and may extend further gain to 1.0050-55, then towards 1.0075-80 but price should falter below 1.0100 resistance.

In view of this, we are looking to buy dollar again on pullback as 0.9975-80 should limit downside, bring another rise later. Below 0.9960 would prolong consolidation and risk weakness towards support at 0.9938, however, reckon downside would be limited to 0.9920-23 (38.2% Fibonacci retracement of 0.9737-1.0038) and 0.9885-90 (50% Fibonacci retracement) should remain intact.