Trade Idea Wrap-up: USD/CHF – Buy at 0.9795

Trade Idea Wrap-up: USD/CHF – Buy at 0.9795

Trade Idea Wrap-up: USD/CHF – Buy at 0.9795

USD/CHF – 0.9865
Most recent candlesticks pattern : N/A
Trend : Up
Tenkan-Sen level : 0.9862
Kijun-Sen level : 0.9854
Ichimoku cloud top : 0.9807
Ichimoku cloud bottom : 0.9793
Original strategy :
Buy at 0.9795, Target: 0.9895, Stop: 0.9760
Position : –
Target : –
Stop : –
New strategy :
Buy at 0.9795, Target: 0.9895, Stop: 0.9760
Position : –
Target : –
Stop : –
As the greenback rallied after finding renewed buying interest at 0.9737 late last week, adding credence to our view that recent upmove has resumed and bullishness remains for the rise from 0.9421 low to extend headway to 0.9870 and possibly towards 0.9900, however, near term overbought condition should limit upside and price should falter below 0.9940-50, bring retreat later.
In view of this, we are looking to buy dollar again on pullback as support at 0.9796 should limit downside and bring another rise. Below 0.9765-70 would defer and suggest top is possibly formed, risk test of indicated support at 0.9730-37, however, break there is needed to provide confirmation, then further fall to previous support at 0.9705 would follow.

Author: Action ForexMore from the author

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Original Article