USD/CHF – 0.9927
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 0.9939
Kijun-Sen level : 0.9942
Ichimoku cloud top : 0.9944
Ichimoku cloud bottom : 0.9938
New strategy :
Stand aside
Position : –
Target : –
Stop : –
As dollar has remained confined within near term established range, suggesting further sideways trading is in store, however, break of 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) but reckon support at 0.9831 would hold from here, bring rebound later.
On the upside, above 0.9955-60 would bring test of 0.9980-85 but break of 1.0000-08 resistance is needed to signal low is formed at 0.9893, bring rebound to 1.0025-30 (61.8% Fibonacci retracement of 1.0108-0.9893), however, price should falter below resistance at 1.0067. As near term outlook is still mixed, would be prudent to stand aside for now.
