USD/CHF – 0.9976
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 0.9940
Kijun-Sen level : 0.9924
Ichimoku cloud top : 0.9908
Ichimoku cloud bottom : 0.9890
Original strategy :
Buy at 0.9910, Target: 1.0005, Stop: 0.9875
Position : –
Target : –
Stop : –
New strategy :
Buy at 0.9930, Target: 1.0030, Stop: 0.9895
Position : –
Target : –
Stop : –
As dollar’s intra-day rise has gathered momentum and broke above resistance at 0.9966-69, adding credence to our view that low has been formed at 0.9859, hence consolidation with mild upside bias is seen further gain to indicated previous resistance at 1.0000-08 but only break there would signal recent decline from 1.0108 top has ended, then headway to 1.0025-30 and possibly 1.0050 would follow.
In view of this, we are looking to buy dollar on dips as 0.9920-25 should limit downside. Only below 0.9880 would risk test of 0.9859, however, break there is needed to signal recent decline has resumed and extend weakness to support at 0.9831 and possibly towards 0.9800.
