Sat, Jan 28, 2023 @ 19:16 GMT
HomeTrade IdeasCandlesticks IntradayTrade Idea : USD/CHF - Buy at 0.9860

Trade Idea : USD/CHF – Buy at 0.9860

USD/CHF – 0.9911

Most recent candlesticks pattern : N/A

Trend                                    : Near term up

Tenkan-Sen level                  : 0.9917

Kijun-Sen level                    : 0.9942

Ichimoku cloud top                 : 0.9945

Ichimoku cloud bottom              : 0.9912

Original strategy :

Buy at 0.9890, Target: 0.9990, Stop: 0.9855

Position : –

Target :  –

Stop : –

New strategy  :

Buy at 0.9860, Target: 0.9970, Stop: 0.9825

Position : –

Target :  –

Stop : –

As the greenback has retreated again after rising to 0.9780, suggesting consolidation below this level would be seen and pullback to 0.9885 (38.2% Fibonacci retracement of 0.9735-0.9978), however, reckon 0.9855-60 (50% Fibonacci retracement) would hold and bring another rise later, above 0.9950 would suggest the retreat from 0.9978 has ended, bring retest of this level, break there would signal recent upmove has resumed and extend gain to 1.0000 but price should falter below recent high at 1.0038.

In view of this, would not chase this rise here and we are looking to buy dollar on subsequent pullback as 0.9855 support should contain downside. Only below 0.9825-30 (61.8% Fibonacci retracement of 0.9735-0.9978) would abort and signal top has been formed, bring further fall to 0.9800.

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