Wed, Feb 08, 2023 @ 16:54 GMT
HomeTrade IdeasCandlesticks IntradayTrade Idea Wrap-up: USD/CHF - Hold long entered at 0.9870

Trade Idea Wrap-up: USD/CHF – Hold long entered at 0.9870

USD/CHF – 0.9919

Most recent candlesticks pattern : N/A

Trend                                    : Near term up

Tenkan-Sen level                  : 0.9904

Kijun-Sen level                    : 0.9901

Ichimoku cloud top                 : 0.9889

Ichimoku cloud bottom              : 0.9877

Original strategy :

Bought at 0.9870, Target: 0.9970, Stop: 0.9835

Position : – Long at 0.9870

Target :  – 0.9970

Stop : – 0.9835

New strategy  :

Hold long entered at 0.9870, Target: 0.9970, Stop: 0.9870

Position : – Long at 0.9870

Target :  – 0.9970

Stop : – 0.9870

Although the greenback retreated after meeting resistance at 0.9905 yesterday and consolidation would be seen, as long as yesterday’s low at 0.9840 holds, mild upside bias remains for another rebound, above 0.9905 would extend gain to 0.9935-40 but break there is needed to retain bullishness and signal low is formed, bring further rise 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 holding on to our long position entered at 0.9870. 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.

Featured Analysis

Learn Forex Trading