USD/CHF – 0.9705
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 0.9710
Kijun-Sen level : 0.9701
Ichimoku cloud top : 0.9738
Ichimoku cloud bottom : 0.9697
Original strategy :
Sell at 0.9740, Target: 0.9640, Stop: 0.9775
Position : –
Target : –
Stop : –
New strategy :
Stand aside
Position : –
Target : –
Stop : –
As the greenback recovered after falling to 0.9667 yesterday, suggesting consolidation above this level would be seen and test of the upper Kumo (now at 0.9738) cannot be ruled out, however, break of resistance at 0.9761 is needed to signal low has indeed been formed at 0.9667, bring further gain to 0.9780 but resistance at 0.9808 should hold ahead of US opening.
On the downside, below said support at 0.9667 would signal recent decline has resumed and may extend further weakness to 0.9655-60, then 0.9630, however, oversold condition should prevent sharp fall below 0.9600-05 (50% projection of 1.0100-0.9692 measuring from 0.9808), bring rebound later. As near term outlook is mixed, would be prudent to stand aside for now.
