Thu, Feb 09, 2023 @ 11:38 GMT
HomeTrade IdeasCandlesticks IntradayTrade Idea Wrap-up: USD/CHF - Buy at 0.9825

Trade Idea Wrap-up: USD/CHF – Buy at 0.9825

USD/CHF – 0.9919

Most recent candlesticks pattern : N/A

Trend                                    : Near term up

Tenkan-Sen level                  : 0.9921

Kijun-Sen level                    : 0.9809

Ichimoku cloud top                 : 0.9875

Ichimoku cloud bottom              : 0.9863

Original strategy :

Buy at 0.9825, Target: 0.9925, Stop: 0.9790

Position : –

Target :  –

Stop : –

New strategy  :

Buy at 0.9825, Target: 0.9925, Stop: 0.9790

Position : –

Target :  –

Stop : –

As the greenback has maintained a firm undertone after staging a strong rebound from 0.9735 (last Friday’s low), adding credence to our view that a temporary low has been formed there and consolidation with upside bias remains for this move to bring at least a strong retracement of recent decline to resistance at 0.9947 but reckon 0.9990-00 would hold from here due to near term overbought condition.

In view of this, we are looking to buy dollar on dips as 0.9820-25 should limit downside and bring another rebound. Below 0.9790 would defer and risk weakness to 0.9755-60 but still reckon said last week’s low at 0.9735 would remain intact.

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