Sat, Jan 28, 2023 @ 20:07 GMT
HomeTrade IdeasCandlesticks IntradayTrade Idea : USD/CHF - Buy at 0.9860

Trade Idea : USD/CHF – Buy at 0.9860

USD/CHF – 0.9896

Most recent candlesticks pattern : N/A

Trend                                    : Near term up

Tenkan-Sen level                  : 0.9909

Kijun-Sen level                    : 0.9909

Ichimoku cloud top                 : 0.9937

Ichimoku cloud bottom              : 0.9935

Original strategy :

Buy at 0.9860, Target: 0.9970, Stop: 0.9825

Position : –

Target :  –

Stop : –

New strategy  :

Buy at 0.9860, Target: 0.9970, Stop: 0.9825

Position : –

Target :  –

Stop : –

As the greenback has slipped again in European morning, retaining our view that further consolidation below resistance at 0.9780 would be seen and pullback to 0.9885 (38.2% Fibonacci retracement of 0.9735-0.9978) is likely, however, reckon 0.9855-60 (50% Fibonacci retracement) would hold and bring another rise later, above 0.9945-50 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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