USD/CHF – 0.9835
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 0.9841
Kijun-Sen level : 0.9888
Ichimoku cloud top : 1.0018
Ichimoku cloud bottom : 0.9972
Original strategy :
Sell at 0.9960, Target: 0.9860, Stop: 0.9995
Position : –
Target : –
Stop : –
New strategy :
Sell at 0.9910, Target: 0.9800, Stop: 0.9945
Position : –
Target : –
Stop : –
As dollar has continued heading south and broke below indicated previous support at 0.9859, confirming our bearish view that the decline from 1.0108 top is still in progress, hence bearishness remains for this move to extend further weakness to 0.9813 support, break there would bring subsequent fall to 0.9790-95 (1.236 times projection of 1.0108-0.9859 measuring from 1.0100), however near term oversold condition should limit downside to 0.9770 and reckon 0.9745-50 would hold on first testing.
In view of this, would not chase would be prudent to sell dollar on recovery as 0.9910-20 should limit upside. Above 0.9940-45 would defer but only break of previous support at 0.9987 would abort and signal a temporary low is formed instead, risk rebound to 1.0000 and then test of 1.0025 resistance.
