Trade Idea Update: USD/CHF - Buy at 1.0060

Candlesticks and Ichimoku Intraday |

Written by Action Forex |

Nov 25 16 14:12 GMT

USD/CHF – 1.0112

Original strategy :

Buy at 1.0060, Target: 1.0180, Stop: 1.0025

Position : –

Target :  –

Stop : –

New strategy  :

Buy at 1.0060, Target: 1.0180, Stop: 1.0025

Position : –

Target :  –

Stop : –

As the greenback has retreated after faltering below yesterday’s high of 1.0192, retaining our view that further consolidation below this level would be seen and pullback to 1.0090-00 cannot be ruled out, however, reckon 1.0060-68 support would limit downside and bring another rise later, above said resistance at 1.0192 would extend recent upmove to 1.0210-15 (50% projection of 0.9831-1.0123 measuring from 1.0068), then towards 1.0245-50 (61.8% projection). 

In view of this, would not chase this rise here and we are looking to buy dollar on pullback as 1.0060-68 support should limit downside. Below 1.0030-35 would abort and signal top is formed instead, risk weakness to 1.0010-15 (50% Fibonacci retracement of 0.9831-1.0192), then towards support at 0.9994.

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Pairs Covered: EUR/USD, USD/JPY, GBP/USD, USD/CHF

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Trade Idea Update: USD/CHF - Buy at 1.0060