USD/CHF – 0.9623
Original strategy :
Sell at 0.9645, Target: 0.9545, Stop: 0.9680
Position : –
Target : –
Stop : –
New strategy :
Sell at 0.9645, Target: 0.9545, Stop: 0.9680
Position : –
Target : –
Stop : –
Dollar’s recovery after falling to 0.9552 last week suggests minor consolidation would be seen and corrective bounce to 0.9645-47 (50% Fibonacci retracement of 0.9738-0.9552 and previous resistance) is likely, however, reckon upside would be limited and bring another decline later, below 0.9585-90 would bring test of said support, break there would signal recent decline from 0.9771 top has resumed for further weakness to 0.9545-49 (2 times extension of 0.9771-0.9676 measuring from 0.9738) but reckon downside would be limited to 0.9525-30 (50% projection of 1.10100-0.9613 measuring from 0.9771) and 0.9500 should hold, price should stay above 0.9470 (61.8% projection), bring rebound later.
In view of this, would not chase this fall here and we are looking to sell dollar on further recovery as resistance at 0.9647 should limit upside. Only above previous support at 0.9676 (now resistance) would defer and suggest a temporary low is formed, risk test of another previous support at 0.9692.
