USD/CHF – 0.9660
Original strategy :
Sold at 0.9720, Target: 0.9620, Stop: 0.9720
Position : – Short at 0.9720
Target : – 0.9620
Stop : – 0.9720
New strategy :
Hold short entered at 0.9720, Target: 0.9620, Stop: 0.9715
Position : – Short at 0.9720
Target : – 0.9620
Stop : – 0.9715
Dollar’s retreat after meeting resistance at 0.9728 late last week has retained our bearishness and consolidation with mild downside bias remains for weakness to indicated level at 0.9640, however, break there is needed to signal the rebound from 0.9613 has ended, bring retest of this level first. A break below this level would extend recent decline to 0.9600-05 (50% projection of 1.0100-0.9692 measuring from 0.9808) later.
In view of this, we are holding on to our short position entered at 0.9720. Above said resistance at 0.9728 would abort and signal a temporary low has been formed at 0.9613 last week instead, bring a stronger rebound to 0.9761 resistance but price should falter below resistance at 0.9808.
