Trade Idea Wrap-up: USD/CHF - Buy at 0.9930

USD/CHF – 1.0045

Most recent candlesticks pattern : N/A

Trend                                    : Near term up

Tenkan-Sen level                  : 1.0022

Kijun-Sen level                    : 1.0026

Ichimoku cloud top                 : 1.0016

Ichimoku cloud bottom              : 0.9992

Original strategy :

Buy at 0.9930, Target: 1.0050, Stop: 0.9895

Position : –

Target :  –

Stop : –

New strategy  :

Buy at 0.9930, Target: 1.0050, Stop: 0.9895

Position : –

Target :  –

Stop : –

As the greenback has continued trading with a firm undertone, suggesting recent upmove is still in progress and bullishness remains for recent erratic upmove from 0.9444 to extend gain to 1.0075-80 and later towards 1.0100, however, loss of upward momentum should prevent sharp move beyond latter level and price should falter below 1.0140-50. 

In view of this, would not chase this rise here and we are looking to buy dollar on subsequent pullback, below 0.9995 would bring correction to 0.9950-55 but support at 0.9929 should contain downside and bring another upmove later. Only below previous resistance at 0.9897 (now support) would defer and signal a temporary top is formed, risk correction to 0.9860-65 later.

Trade Idea Wrap-up: USD/CHF - Buy at 0.9930