USD/CHF – 0.9636
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 0.9637
Kijun-Sen level : 0.9671
Ichimoku cloud top : 0.9714
Ichimoku cloud bottom : 0.9706
Original strategy :
Sell at 0.9685, Target: 0.9585, Stop: 0.9720
Position : –
Target : –
Stop : –
New strategy :
Sell at 0.9685, Target: 0.9585, Stop: 0.9720
Position : –
Target : –
Stop : –
Dollar’s recovery after marginal fall to 0.9622 suggests minor consolidation would be seen and corrective bounce to the Kijun-Sen (now at 0.9671) cannot be ruled out, however, reckon upside would be limited to 0.9685-90 and bring another decline later, below said support at 0.9622 would extend recent decline to 0.9600-05 (50% projection of 1.0100-0.9692 measuring from 0.9808) but 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.
