USD/CHF – 0.9720
Original strategy :
Bought at 0.9700, Target: 0.9800, Stop: 0.9690
Position : – Long at 0.9700
Target : – 0.9800
Stop : – 0.9690
New strategy :
Hold long entered at 0.9700, Target: 0.9800, Stop: 0.9690
Position : – Long at 0.9700
Target : – 0.9800
Stop : – 0.9690
Although dollar has remained under pressure and marginal weakness from here cannot be ruled out, as long as yesterday’s low at 0.9692 holds, prospect of another rebound remains, above 0.9765-70 would suggest low is possibly formed, bring subsequent bounce to 0.9800 but reckon upside would be limited to 0.9825 and previous resistance at 0.9851 should remain intact, bring another decline later.
In view of this, we are holding on to our long position entered at 0.9700. Below 0.9670-75 would risk weakness to 0.9650 but still reckon downside would be limited to 0.9620-25 and bring another rebound later.
