USD/CHF – 1.0005
Most recent candlesticks pattern : N/A
Trend                                   : Near term up
Tenkan-Sen level                 : 0.9994
Kijun-Sen level                   : 0.9953
Ichimoku cloud top                : 0.9908
Ichimoku cloud bottom             : 0.9890
Original strategy :
Buy at 0.9930, Target: 1.0030, Stop: 0.9895
Position : –
Target :Â –
Stop : –
New strategy :
Buy at 0.9955, Target: 1.0055, Stop: 0.9920
Position : –
Target :Â –
Stop : –
As the greenback has rallied yesterday and broke above indicated resistance at 0.9966-69, adding credence to our view that low has been formed at 0.9859 and suggesting recent decline from 1.0108 top has ended, hence consolidation with upside bias remains for further gain to 1.0025-30, however, near term overbought condition should prevent sharp move beyond previous resistance at 1.0067 and price should falter below 1.0090, bring retreat later.
In view of this, we are looking to buy dollar on dips as the Kijun-Sen (now at 0.9953) should limit downside. Below 0.9925-30 would suggest top is possibly formed, bring test of previous resistance at 0.9903 but break there is needed to add credence to this view, brig further fall to 0.9880-85.
