USD/CHF – 0.9918
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 0.9915
Kijun-Sen level : 0.9934
Ichimoku cloud top : 0.9953
Ichimoku cloud bottom : 0.9930
New strategy :
Stand aside
Position : –
Target : –
Stop : –
Although the greenback retreated after faltering below resistance at 0.9969 and retest of indicated strong support at 0.9893 cannot be ruled out, break there is needed to confirm recent decline from 1.0108 top has resumed and extend weakness to 0.9865-70 (2 times extension of 1.0108-1.0008 measuring from 1.0067), however, support at 0.9831 would hold from here, bring rebound later.
If said support at 0.9893 continues to hold, then further choppy trading within 0.9893-0.9981 range would take place and another bounce to 0.9966-69 cannot be ruled out but said upper range at 0.9981 should limit upside, bring retreat. Only a break of 1.0000-08 resistance would confirm a temporary low has been formed at 0.9893, bring retracement of recent decline to 1.0025-30 (61.8% Fibonacci retracement of 1.0108-0.9893) but price should falter well below resistance at 1.0067. As near term outlook is still mixed, would be prudent to stand aside for now.
