Trade Idea Update: USD/CHF - Buy at 1.0080

Candlesticks and Ichimoku Intraday |

Written by Action Forex |

Nov 24 16 14:00 GMT

USD/CHF – 1.0155

Original strategy :

Buy at 1.0080, Target: 1.0200, Stop: 1.0945

Position : –

Target :  –

Stop : –

New strategy  :

Buy at 1.0080, Target: 1.0200, Stop: 1.0945

Position : –

Target :  –

Stop : –

As the greenback has maintained a firm undertone after recent rally, adding credence to our view that recent upmove is still in progress and may extend further gain to 1.0210-15 (50% projection of 0.9831-1.0123 measuring from 1.0068), then towards 1.0245-50 (61.8% projection),  however, near term overbought condition should limit upside to 1.0275-80 and price should falter below 1.0300, risk from there has increased for a correction to take place later. 

In view of this, would not chase this rise here and we are looking to buy dollar on pullback as 1.0091 support should limit downside. Below 1.0060-68 support would abort and signal top is formed instead, risk weakness to 1.0020-25, 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 1.0080