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HomeTrade IdeasCandlesticks IntradayTrade Idea Wrap-up: USD/CHF - Buy at 0.9850

Trade Idea Wrap-up: USD/CHF – Buy at 0.9850

USD/CHF – 0.9860

Most recent candlesticks pattern : N/A

Trend                                    : Near term down

Tenkan-Sen level                  : 0.9850

Kijun-Sen level                    : 0.9859

Ichimoku cloud top                 : 0.9899

Ichimoku cloud bottom              : 0.9898

New strategy  :

Buy at 0.9850, Target: 0.9950, Stop: 0.9820

Position : –

Target :  –

Stop : –

Although the greenback fell marginally to 0.9835, lack of follow through selling and current rebound from 0.9835 suggest consolidation with mild upside bias is seen for gain to 0.9880, then 0.9900, however, break of resistance at 0.9935-36 is needed to signal low is formed, bring a stronger rebound to 0.9950-55 but price should falter well below resistance at 0.9978, bring retreat later.

In view of this, we are looking to buy dollar on dips. Below 0.9825-30 (61.8% Fibonacci retracement of 0.9735-0.9978) would signal the fall from 0.9978 top is still in progress and may extend further fall to 0.9795-00 and possibly towards 0.9775-80.

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