Trade Idea Wrap-up: USD/CHF – Buy at 0.7900

Candlesticks and Ichimoku Intraday | Written by Action Forex | Aug 24 11 15:45 GMT

USD/CHF - 0.7953 Most recent candlesticks pattern    : N/A Trend                                    : Near term up Tenkan-Sen level                       :0.7918 Kijun-Sen level                         :0.7918 Ichimoku cloud top                     :0.7880 Ichimoku cloud bottom                 :0.7865 Original strategy : Buy at 0.7840, Target: 0.7940, Stop: 0.7805 Position: - Target:  - Stop:- New strategy  :   Buy at 0.7900, Target: 0.8000, Stop: 0.7865 Position: - Target:  - Stop:- Despite intra-day retreat from 0.7945 to 0.7875, as the greenback found renewed buying just above the Ichimoku cloud bottom and has staged a strong rebound, suggesting consolidation with upside bias is for test of indicated resistance at 0.7991, however, break of recent high of 0.8020 is needed to confirm the rise from record low of 0.7068 has resumed for headway towards 0.8050 later. In view of this, we are looking to buy dollar on dips but at a higher level. Below said support would prolong choppy consolidation and risk weakness to 0.7853 but reckon support at 0.7807 would limit downside and bring another rebound later.