Trade Idea : USD/CHF – Hold long entered at 0.9950

Trade Idea : USD/CHF – Hold long entered at 0.9950

Trade Idea : USD/CHF – Hold long entered at 0.9950

USD/CHF – 0.9992
Most recent candlesticks pattern : N/A
Trend : Up
Tenkan-Sen level : 1.0001
Kijun-Sen level : 0.9996
Ichimoku cloud top : 1.0003
Ichimoku cloud bottom : 0.9989
Original strategy :
Bought at 0.9950, Target: 1.0050, Stop: 0.9970
Position : – Long at 0.9950
Target : – 1.0050
Stop : – 0.9970
New strategy :
Hold long entered at 0.9950, Target: 1.0050, Stop: 0.9970
Position : – Long at 0.9950
Target : – 1.0050
Stop : – 0.9970
Although the greenback met resistance at 1.0020 yesterday and retreated again, still reckon downside would be limited to 0.9970-75 and bullishness remains for recent rise to resume after consolidation, above said resistance at 1.0029 would bring retest of 1.0038, break there would confirm the rise from 0.9421 low has resumed and extend further gain to 1.0050-55, then towards 1.0075-80 but price should falter below 1.0100 chart resistance.
In view of this, we are holding on to our long position entered at 0.9950. Only below said support at 0.9938-48 would abort and signal top is formed instead, risk correction to 0.9920-23 (38.2% Fibonacci retracement of 0.9737-1.0038) but 0.9885-90 (50% Fibonacci retracement) should limit downside and support at 0.9869 would remain intact.

Author: Action ForexMore from the author

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Original Article