Trade Idea Wrap-up: USD/CHF – Buy at 0.9580

USD/CHF - 0.9622

Most recent candlesticks pattern    : N/A
Trend                                    : Up

Tenkan-Sen level                       :0.9633
Kijun-Sen level                     :0.9588
Ichimoku cloud top                     :0.9596
Ichimoku cloud bottom                 :0.9564

Original strategy : 

Buy at 0.9580, Target: 0.9675, Stop: 0.9545

Position: -
Target:  -
Stop:- 

New strategy  :  

Buy at 0.9580, Target: 0.9675, Stop: 0.9545

Position: -
Target:  -
Stop:- 

Dollar’s intra-day rally to 0.9657 suggests recent decline from 0.9771 top has formed a temporary low at 0.9515 yesterday and consolidation with upside bias is seen for at least a strong retracement of this decline to previous resistance at 0.9676, however, near term overbought condition should limit upside and reckon price would falter below 0.9700-10.

In view of this, we are looking to buy dollar on pullback as the Kijun-Sen (now at 0.9588) should limit downside. Only break of 0.9545-50 would abort and suggest top is possibly formed, bring another decline to said support at 0.9515 later.

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