Tue, Jan 31, 2023 @ 17:08 GMT
HomeTrade IdeasCandlesticks IntradayTrade Idea Wrap-up: USD/CHF - Buy at 0.9890

Trade Idea Wrap-up: USD/CHF – Buy at 0.9890

USD/CHF – 0.9943

Most recent candlesticks pattern : N/A

Trend                                    : Near term up

Tenkan-Sen level                  : 0.9959

Kijun-Sen level                    : 0.9945

Ichimoku cloud top                 : 0.9913

Ichimoku cloud bottom              : 0.9889

Original strategy :

Buy at 0.9900, Target: 1.0000, Stop: 0.9865

Position : –

Target :  –

Stop : –

New strategy  :

Buy at 0.9890, Target: 0.9990, Stop: 0.9855

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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