Trade Idea : USD/CHF – Buy at 0.9860

 

USD/CHF – 0.9895

Most recent candlesticks pattern : N/A

Trend                                    : Near term down

Tenkan-Sen level                  : 0.9893

Kijun-Sen level                    : 0.9883

Ichimoku cloud top                 : 0.9861

Ichimoku cloud bottom              : 0.9857

Original strategy :

Buy at 0.9860, Target: 0.9960, Stop: 0.9825

Position : –

Target :  –

Stop : –

New strategy  :

Buy at 0.9860, Target: 0.9960, Stop: 0.9825

Position : –

Target :  –

Stop : –

As the greenback found support at 0.9828 and staged a strong rebound, retaining our view that further consolidation would be seen with mild upside bias for gain to 0.9915-20, however, break of resistance at 0.9935-36 is needed to signal low has been formed, bring a stronger rebound to 0.9960-65 but indicated resistance at 0.9978 should hold from here.

In view of this, we are looking to buy dollar on dips. Below said support at 0.9828 would revive bearishness and extend the decline from 0.9978 to 0.9795-00, however, reckon downside would be limited to 0.9750 and risk from there has increased for a rebound later due to anticipated oversold condition.

 

Author: Action Forex

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