USD/CHF – 0.9975
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 0.9971
Kijun-Sen level : 0.9998
Ichimoku cloud top : 1.0035
Ichimoku cloud bottom : 1.0035
Original strategy :
Sold at 1.0000, Target: 0.9900, Stop: 1.0035
Position : – Short at 1.0000
Target : – 0.9900
Stop : – 1.0035
New strategy :
Hold short entered at 1.0000, Target: 0.9900, Stop: 1.0030
Position : – Short at 1.0000
Target : – 0.9900
Stop : – 1.0030
As the greenback has recovered after falling to 0.9955 yesterday, suggesting minor consolidation would be seen, however, reckon upside would be limited to the Kijun-Sen (now at 0.9998) and bring another decline later, below said support at 0.9955 would extend recent fall from 1.01089 top to 0.9943-48 (1.236 times projection and previous support) and then 0.9926 (61.8% Fibonacci retracement of 0.9813-1.0108) but reckon 0.9900-05 (1.618 times projection) would hold on first testing, bring rebound later.
In view of this, we are holding on to our short position entered at 1.0000. Above previous support at 1.0008 would defer and risk rebound to 1.0020-30 but still reckon indicated resistance at 1.0067 would remain intact.
