USD/CHF – 0.9954
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 0.9957
Kijun-Sen level : 0.9951
Ichimoku cloud top : 0.9947
Ichimoku cloud bottom : 0.9945
New strategy :
Stand aside
Position : –
Target : –
Stop : –
Despite dropping to 0.9893 yesterday, lack of follow through selling and the subsequent rebound suggest consolidation above this level would be seen and another bounce to 0.9975-80 cannot be ruled out, however, reckon 1.0000 (said resistance and 50% Fibonacci retracement of 1.0108-0.9893) would limit upside and bring another decline later. Below said support at 0.9893 would extend the fall from 1.0108 top to 0.9865-70 (2 times extension of 1.0108-1.0008 measuring from 1.0067) but support at 0.9831 would hold, bring rebound later.
In view of this, would be prudent to stand aside in the meantime. Above previous support at 1.0008 would suggest low is formed instead, bring rebound to 1.0025-30 (61.8% Fibonacci retracement of 1.0108-0.9893) but price should falter below resistance at 1.0067.
