Trade Idea Wrap-up: USD/CHF – Buy at 0.9775

Trade Idea Wrap-up: USD/CHF – Buy at 0.9775

Trade Idea Wrap-up: USD/CHF – Buy at 0.9775

USD/CHF – 0.9827
Most recent candlesticks pattern : N/A
Trend : Up
Tenkan-Sen level : 0.9818
Kijun-Sen level : 0.9793
Ichimoku cloud top : 0.9787
Ichimoku cloud bottom : 0.9780
Original strategy :
Buy at 0.9775, Target: 0.9875, Stop: 0.9740
Position : –
Target : –
Stop : –
New strategy :
Buy at 0.9775, Target: 0.9875, Stop: 0.9740
Position : –
Target : –
Stop : –
As the greenback found renewed buying interest at 0.9737 and has rallied again, price broke above recent high at 0.9837, signaling early upmove has resumed and although price has retreated from 0.9848, reckon downside would be limited to 0.9770-75 and bring another rise later, above said resistance at 0.9848 would confirms resumption of upmove from 0.9421 low for headway to 0.9870 and possibly towards 0.9900.
In view of this, we are looking to buy dollar again on pullback as 0.9770-75 should limit downside and bring another rise later. Only below support at 0.9730-37 would abort and signal top is formed instead, bring another corrective decline to previous support at 0.9705.

Author: Action ForexMore from the author

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Original Article