Trade Idea Wrap-up: USD/CHF - Buy at 1.0080

USD/CHF – 1.0163

Most recent candlesticks pattern : N/A

Trend                                    : Near term up

Tenkan-Sen level                  : 1.0169

Kijun-Sen level                    : 1.0169

Ichimoku cloud top                 : 1.0130

Ichimoku cloud bottom              : 1.0119

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 eased after rising marginally to 1.0192 earlier today, suggesting consolidation below this level would be seen and pullback to the Ichimoku cloud (now at 1.0119-30) cannot be ruled out, however, reckon support at 1.0091 would limit downside and bring another rise later, above said resistance at 1.0192 would extend recent upmove to 1.0210-15 (50% projection of 0.9831-1.0123 measuring from 1.0068), then towards 1.0245-50 (61.8% projection),  however, overbought condition should limit upside to 1.0275-80 and price should falter below 1.0300. 

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.

Trade Idea Wrap-up: USD/CHF - Buy at 1.0080