USD/CHF – 0.9581
Original strategy :
Sold at 0.9570, target: 0.9470, Stop: 0.9605
Position : – Short at 0.9570
Target :Â – 0.9470
Stop : – 0.9605
New strategy :
Hold short entered at 0.9570, target: 0.9470, Stop: 0.9605
Position : – Short at 0.9570
Target :Â – 0.9470
Stop : – 0.9605
As the greenback has maintained a firm undertone after staging a strong rebound from 0.9438 late last week, suggesting near term upside risks remains for this corrective bounce to extend marginal gain from here, however, reckon upside would be capped at 0.9600-05 (61.8% Fibonacci retracement of 0.9701-0.9438) and bring retreat later, below 0.9520 would suggest an intra-day top is possibly formed but break of 0.9450-55 is needed to signal the rebound from 0.9438 has ended, bring retest of this level first.
In view of this, we are holding on to our short position entered at 0.9570. Above 0.9600-05 (61.8% Fibonacci retracement of 0.9701-0.9438) would suggest a temporary low is formed instead, bring a stronger rebound towards resistance area at 0.9622-35.
