USD/CHF – 1.0043
Original strategy :
Buy at 0.9955, Target: 1.0055, Stop: 0.9920
Position : –
Target : –
Stop : –
New strategy :
Buy at 0.9980, Target: 1.0080, Stop: 0.9945
Position : –
Target : –
Stop : –
As the greenback has rallied yesterday and broke above indicated resistance at 0.9966-69, adding credence to our view that low has been formed at 0.9859 and suggesting recent decline from 1.0108 top has ended, hence consolidation with upside bias remains for further gain to 1.0067 resistance, however, near term overbought condition should prevent sharp move beyond previous resistance at 1.0090 and price should falter below chart point at 1.0108, bring retreat later.
In view of this, we are looking to buy dollar on dips as 0.9980 should limit downside. Below previous resistance at 0.9957 would defer and suggest top is possibly formed, bring test of 0.9920-25 but break of previous resistance at 0.9903 is needed to add credence to this view, brig further fall to 0.9880-85.
