Trade Idea : USD/CHF - Buy at 0.9930

USD/CHF – 1.0019

Most recent candlesticks pattern : N/A

Trend                                    : Near term up

Tenkan-Sen level                  : 1.0006

Kijun-Sen level                    : 0.9979

Ichimoku cloud top                 : 0.9960

Ichimoku cloud bottom              : 0.9917

Original strategy :

Buy at 0.9905, Target: 1.0035, Stop: 0.9870

Position : –

Target :  –

Stop : –

New strategy  :

Buy at 0.9930, Target: 1.0035, Stop: 0.9895

Position : –

Target :  –

Stop : –

Although the greenback has risen again after finding renewed buying interest at 0.9929 yesterday and early erratic rise from 0.9444 may extend further gain to 1.0045-50 (61.8% projection of 0.9550-0.9897 measuring from 0.9831), weakening of near term upward momentum should prevent sharp move beyond 1.0075-80 and price should falter below 1.0100, risk from there has increased for a retreat later. 

In view of this, would not chase this rise here and we are looking to buy dollar on subsequent pullback. Below the Kijun-Sen (now at 0.9979) would bring another retreat towards 0.9929 where renewed buying interest should emerge. Below previous resistance at 0.9897 would abort and suggest top is possibly formed, risk correction to 0.9860-70 and later towards support at 0.9831.

Trade Idea : USD/CHF - Buy at 0.9930