USD/CHF – 0.9960
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 0.9970
Kijun-Sen level : 0.9973
Ichimoku cloud top : 1.0004
Ichimoku cloud bottom : 0.9985
Original strategy :
Sold at 1.0000, Target: 0.9900, Stop: 1.0030
Position : – Short at 1.0000
Target : – 0.9900
Stop : – 1.0030
New strategy :
Hold short entered at 1.0000, Target: 0.9900, Stop: 1.0010
Position : – Short at 1.0000
Target : – 0.9900
Stop : – 1.0010
As the greenback has remained under pressure after recent selloff, adding credence to our bearish view that recent decline from 1.0108 top is still in progress and bearishness remains for further weakness 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.
