Thu, Feb 09, 2023 @ 13:22 GMT
HomeTrade IdeasCandlesticks IntradayTrade Idea : USD/CHF - Hold long entered at 0.9870

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

USD/CHF – 0.9892

Most recent candlesticks pattern : N/A

Trend                                    : Near term up

Tenkan-Sen level                  : 0.9899

Kijun-Sen level                    : 0.9905

Ichimoku cloud top                 : 0.9885

Ichimoku cloud bottom              : 0.9880

Original strategy :

Bought at 0.9870, Target: 0.9970, Stop: 0.9870

Position : – Long at 0.9870

Target :  – 0.9970

Stop : – 0.9870

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 has retreated again after meeting resistance at 0.9935 on Friday and consolidation below this level would be seen, as long as 0.9865-70 holds, mild upside bias remains for another rebound, above resistance at 0.9935-36 would signal low is formed at 0.9840 last week, bring further rise towards resistance at 0.9978, however, only break there would 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. Only 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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