HomeTrade IdeasCandlesticks IntradayTrade Idea : USD/CHF - Buy at 0.9920

Trade Idea : USD/CHF – Buy at 0.9920

USD/CHF – 0.9972

Most recent candlesticks pattern : N/A

Trend                                    : Near term up

Tenkan-Sen level                  : 0.9970

Kijun-Sen level                    : 0.9951

Ichimoku cloud top                 : 0.9902

Ichimoku cloud bottom              : 0.9874

New strategy  :

Buy at 0.9920, Target: 1.0020, Stop: 0.9885

Position : –

Target :  –

Stop : –

The greenback has continued trading with a firm undertone after this week’s rally from 0.9813, adding credence to our view that recent decline has ended at 0.9813, hence upside bias remains for this rise from 0.9813 to bring retracement of recent decline and further gain to resistance at 1.0003 would be seen but break there is needed to provide confirmation and retain bullishness for further rise to 1.0030 but previous support at 1.0060 should remain intact.

In view of this, would not chase this rise here and would be prudent to buy dollar on pullback as 0.9920-25 should limit downside. Below the upper Kumo (now at 0.9902) would suggest top is formed instead, bring weakness to the lower Kumo (now at 0.9874) but break of said support at 0.9831 is needed to revive bearishness for retest of 0.9813 first.

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