Thu, Feb 09, 2023 @ 12:30 GMT
HomeTrade IdeasCandlesticks IntradayTrade Idea : USD/CHF - Buy at 0.9870

Trade Idea : USD/CHF – Buy at 0.9870

USD/CHF – 0.9902

Most recent candlesticks pattern : N/A

Trend                                    : Near term up

Tenkan-Sen level                  : 0.9875

Kijun-Sen level                    : 0.9875

Ichimoku cloud top                 : 0.9910

Ichimoku cloud bottom              : 0.9908

Original strategy :

Exit long entered at 0.9860,

Position : – Long at 0.9860

Target :  –

Stop : –

New strategy  :

Buy at 0.9870, Target: 0.9970, Stop: 0.9835

Position : –

Target :  –

Stop : –

Although the greenback fell marginally to 0.9840, renewed buying interest emerged there and dollar has staged another rebound, consolidation with upside bias is seen for further gain to 0.9935-40 but break there is needed to retain bullishness and signal low is formed, bring further gain towards resistance at 0.9978, however, only break there is confirm recent upmove has resumed and extend headway to psychological resistance at 1.0000.

In view of this, we are looking to buy dollar again on pullback as 0.9865-70 should limit downside. Below said support at 0.9840 would extend the fall from 0.9978 top for retracement of recent rise to 0.9820, then towards 0.9790-95, having said that, near term oversold condition should limit downside and price should stay above 0.9755-60, bring rebound later.

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