USD/CHF – 0.9818
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 0.9800
Kijun-Sen level : 0.9813
Ichimoku cloud top : 0.9921
Ichimoku cloud bottom : 0.9867
Original strategy :
Sell at 0.9870, Target: 0.9770, Stop: 0.9905
Position : –
Target : –
Stop : –
New strategy :
Sell at 0.9870, Target: 0.9770, Stop: 0.9905
Position : –
Target : –
Stop : –
As dollar has recovered after dropping to 0.9774 yesterday, suggesting minor consolidation above this level would be seen and recovery to 0.9850 cannot be ruled out, however, reckon 0.9870 (38.2% Fibonacci retracement of 1.0025-0.9774) would limit upside and bring another decline later, below said support at 0.9774 would extend early selloff from 1.0344 top towards 0.9735-40 (76.4% retracement of 0.9550-1.0344), however, near term oversold condition should prevent sharp fall below 0.9700, risk from there is seen for a rebound to take place later.
In view of this, would not chase this fall here and would be prudent to sell dollar on recovery as 0.9870 should limit upside. Above 0.9900 (50% Fibonacci retracement) would defer and risk rebound to 0.9925-30 (61.8% Fibonacci retracement) but upside should be limited to 0.9950 and price should falter well below previous support at 0.9987, bring another decline.
