Wed, Feb 08, 2023 @ 17:14 GMT
HomeTrade IdeasCandlesticks IntradayTrade Idea Wrap-up: USD/CHF - Buy at 0.9860

Trade Idea Wrap-up: USD/CHF – Buy at 0.9860

USD/CHF – 0.9902

Most recent candlesticks pattern : N/A

Trend                                    : Near term up

Tenkan-Sen level                  : 0.9907

Kijun-Sen level                    : 0.9910

Ichimoku cloud top                 : 0.9934

Ichimoku cloud bottom              : 0.9907

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 : –

Although the greenback rebounded after holding above support at 0.9890, reckon upside would be limited to 0.9950 and risk remains for another corrective fall to bring retracement of recent rise, however, downside should be limited to 0.9855-60 (50% Fibonacci retracement of 0.9735-0.9978) 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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