Trade Idea Wrap-up: USD/CHF - Buy at 1.0005

USD/CHF – 1.0130

Most recent candlesticks pattern : N/A

Trend                                    : Near term up

Tenkan-Sen level                  : 1.0130

Kijun-Sen level                    : 1.0145

Ichimoku cloud top                 : 1.0161

Ichimoku cloud bottom              : 1.0139

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 1.0090-95, then towards support at 1.0060-68 cannot be ruled out, however, reckon previous resistance at 0.9999 would contain 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 0.9994-99 support should limit downside. Below 0.9965-70 (61.8% Fibonacci retracement of 0.9831-1.0192), would abort and signal a temporary top has been formed, bring correction towards another previous support at 0.9929 later.

Trade Idea Wrap-up: USD/CHF - Buy at 1.0005