Trade Idea Wrap-up: USD/CHF - Buy at 1.0215
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Trade Idea Wrap-up: USD/CHF - Buy at 1.0215
Most recent candlesticks pattern : N/A
Tenkan-Sen level : 1.0274
Ichimoku cloud top : 1.0133
Ichimoku cloud bottom : 1.0110
Buy at 1.0215, Target: 1.0325, Stop: 1.0180
Buy at 1.0215, Target: 1.0325, Stop: 1.0180
As the greenback has maintained a firm undertone after staging a rally above previous resistance at 1.0214 yesterday, suggesting recent upmove from 0.9550 is still in progress and may extend further gain towards 1.0350-60 but reckon upside would be limited to 1.0380 and price should falter below 1.0400, risk from there is seen for a retreat later.
In view of this, we are looking to buy dollar on subsequent pullback as support at 1.0215 should limit downside. Only below the Kijun-Sen (now at 1.0204) would abort and suggest an intra-day top is formed, bring correction to 1.0170-75 first but price should stay above the upper Kumo (now at 1.0133).
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