USD/CHF – 0.9650
Most recent candlesticks pattern : N/A
Trend                                   : Near term down
Tenkan-Sen level                 : 0.9679
Kijun-Sen level                   : 0.9679
Ichimoku cloud top                : 0.9724
Ichimoku cloud bottom             : 0.9698
Original strategy :
Sell at 0.9685, Target: 0.9585, Stop: 0.9720
Position : –
Target :Â –
Stop : –
New strategy :
Sell at 0.9685, Target: 0.9585, Stop: 0.9720
Position : –
Target :Â –
Stop : –
Current selloff in US morning together with the breach of support at 0.9667 confirm recent decline has resumed and bearishness is seen for weakness to 0.9630, then towards 0.9600-05 (50% projection of 1.0100-0.9692 measuring from 0.9808), however, near term oversold condition should limit downside to 0.9570 and price should stay well above support at 0.9550, bring rebound later.
In view of this, we are looking to sell dollar on recovery as 0.9685-90 should limit upside. Only break of resistance at 0.9720 would abort and signal a temporary low is formed instead, bring a stronger rebound to 0.9750 and then 0.9770 but price should falter below resistance at 0.9808.
