USD/CHF – 0.9970
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 0.9988
Kijun-Sen level : 1.0005
Ichimoku cloud top : 1.0072
Ichimoku cloud bottom : 1.0069
Original strategy :
Sell at 1.0035, Target: 0.9935, Stop: 1.0070
Position : –
Target : –
Stop : –
New strategy :
Sell at 1.0035, Target: 0.9935, Stop: 1.0070
Position : –
Target : –
Stop : –
As the greenback has fallen again after brief recovery, suggesting the fall from 1.0100 top is still in progress and further weakness to 0.9950-55 (61.8% Fibonacci retracement of 0.9859-1.0100) would be seen, break there would add credence to this view, bring subsequent fall to 0.9930-35 but price should stay well above previous resistance at 0.9903, bring rebound later.
In view of this, would be prudent to sell dollar on recovery as 1.0035-40 should limit upside. Above previous support at 1.0056 would defer and risk a stronger rebound to 1.0080 but price should falter below resistance at 1.0100-08, bring retreat later.
