USD/CHF – 0.9935
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 0.9933
Kijun-Sen level : 0.9944
Ichimoku cloud top : 0.9950
Ichimoku cloud bottom : 0.9936
New strategy :
Stand aside
Position : –
Target : –
Stop : –
Although dollar has retreated after meeting resistance at 0.9969 yesterday, a firm break below indicated support at 0.9918 is needed to signal the rebound from 0.9893 (this week’s low) has ended, bring retest of this level, break there would confirm recent decline from 1.0108 has resumed and extend weakness to 0.9865-70 (2 times extension of 1.0108-1.0008 measuring from 1.0067), however, reckon support at 0.9831 would hold from here, bring rebound later
In view of this, would not chase this fall here and would be prudent to stand aside for now. Above 0.9969-75 would prolong consolidation, bring another bounce to 0.9981 but break of 1.0000-08 resistance is needed to signal low is formed instead, bring rebound to 1.0025-30 (61.8% Fibonacci retracement of 1.0108-0.9893), however, price should falter below resistance at 1.0067.
