Trade Idea Wrap-up: USD/CHF - Buy at 0.9960

USD/CHF – 1.0043

Most recent candlesticks pattern : N/A

Trend                                    : Near term up

Tenkan-Sen level                  : 1.0021

Kijun-Sen level                    : 1.0019

Ichimoku cloud top                 : 0.9974

Ichimoku cloud bottom              : 0.9926

Original strategy :

Buy at 0.9960, Target: 1.0080, Stop: 0.9925

Position : –

Target :  –

Stop : –

New strategy  :

Buy at 0.9960, Target: 1.0080, Stop: 0.9925

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 1.0075-80, weakening of near term upward momentum should prevent sharp move beyond 1.0100 and price should falter below 1.0140-50, 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 as the upper Kumo (now at 0.9957) should limit downside. Only below support at 0.9929 would abort and suggest an intra-day top is formed, bring correction to previous resistance at 0.9897.

Trade Idea Wrap-up: USD/CHF - Buy at 0.9960