Trade Idea Update: USD/CHF - Buy at 1.0120

Candlesticks and Ichimoku Intraday |

Written by Action Forex |

Nov 23 16 14:25 GMT

USD/CHF – 1.0163

Original strategy :

Buy at 1.0000, Target: 1.0110, Stop: 0.9965

Position : –

Target :  –

Stop : –

New strategy  :

Buy at 1.0120, Target: 1.0220, Stop: 1.0985

Position : –

Target :  –

Stop : –

As the greenback has surged again after brief pullback, adding credence to our view that recent upmove is still in progress and may extend further gain to 1.0175-80 (100% projection of 0.9550-0.9897 measuring from 0.9831), then 1.0200-10, however, near term overbought condition should limit upside to 1.0240-50, 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 1.0120-25 should limit downside. Below 1.0090-95 would defer and risk test of 1.0060-68 support but only break there would signal top is formed instead, risk weakness to 1.0020-25, then towards support at 0.9994.

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Candlesticks Intraday Trade Ideas Update Schedule (GMT):



1st Update: 0630 – 0700; 2nd Update: 0930 – 1000; 3rd Update: 1230 – 1300; 4th Update: 1500 – 1530



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

Elliott Wave Daily Trade Ideas Update Schedule (GMT):



AUD/USD, EUR/JPY: 0800 – 0830; EUR/GBP, USD/CAD: 1430 – 1500 GMT

Trade Idea Update: USD/CHF - Buy at 1.0120