USD/CHF – 0.9650
Original strategy :
Buy at 0.9630, Target: 0.9730, Stop: 0.9595
Position : –
Target :Â –
Stop : –
New strategy :
Buy at 0.9620, Target: 0.9720, Stop: 0.9585
Position : –
Target :Â –
Stop : –
As the greenback has retreated after faltering below resistance at 0.9699, suggesting initial downside risk remains for weakness to 0.9620-30, however, as long as support at 0.9586 holds, prospect of another rebound remains, above said resistance at 0.9699 would signal the retreat from 0.9766 has ended at 0.9586 last week and mild upside bias is seen for gain to 0.9720, then 0.9740, having said that, reckon resistance at 0.9766-73 would cap upside and bring further consolidation. Only a break of 0.9773 would retain bullishness and signal early rise from 0.9438 has resumed and extend gain to 0.9800.
In view of this, we are looking to buy dollar on further pullback as 0.9620-30 should limit downside. Below 0.9600 would risk test of strong support at 0.9583-86 but only break there would signal a downside break of recent broad range has occurred, bring subsequent fall to 0.9550.
