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HomeTrade IdeasCandlesticks IntradayTrade Idea : USD/CHF - Buy at 0.9900

Trade Idea : USD/CHF – Buy at 0.9900

USD/CHF – 0.9961

Most recent candlesticks pattern : N/A

Trend                                    : Near term up

Tenkan-Sen level                  : 0.9954

Kijun-Sen level                    : 0.9933

Ichimoku cloud top                 : 0.9887

Ichimoku cloud bottom              : 0.9874

Original strategy :

Buy at 0.9825, Target: 0.9925, Stop: 0.9790

Position : –

Target :  –

Stop : –

New strategy  :

Buy at 0.9900, Target: 1.0000, Stop: 0.9865

Position : –

Target :  –

Stop : –

As the greenback has surged again after brief pullback and broke above previous resistance at 0.9947, adding credence to our bullish view that the rise from 0.9735 low is still in progress, hence test of resistance at 0.9987 would be seen, above there would encourage for headway to 1.0000, however, near term overbought condition should limit upside and reckon recent high at 1.0038 would hold from here, risk from there is seen for a retreat later.

In view of this, would not chase this rise here and we are looking to buy dollar on dips as 0.9900 should limit downside and bring another rebound. Below previous resistance at 0.9882-88 (now support) would defer and risk correction towards support at 0.9855 but only break there would signal top is formed instead.

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