USD/CHF – 0.9638
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 0.9633
Kijun-Sen level : 0.9633
Ichimoku cloud top : 0.9671
Ichimoku cloud bottom : 0.9644
Original strategy :
Sell at 0.9685, Target: 0.9585, Stop: 0.9720
Position : –
Target : –
Stop : –
New strategy :
Sell at 0.9700, Target: 0.9600, Stop: 0.9735
Position : –
Target : –
Stop : –
As the greenback has recovered after marginal fall to 0.9613, suggesting consolidation above this level would be seen and corrective bounce to the upper Kumo (now at 0.9671) is likely, however, reckon upside would be limited to 0.9700-05 and bring another decline later to 0.9600-05 (50% projection of 1.0100-0.9692 measuring from 0.9808) but oversold condition should limit downside to 0.9570 and price should stay above support at 0.9550, risk from there has increased for a rebound to take place later.
In view of this, we are looking to sell dollar on recovery as 0.9700 should limit upside. Only break of resistance at 0.9720 would abort and signal a temporary low is formed instead, bring a stronger rebound to 0.9750 and then 0.9761 resistance but price should falter below resistance at 0.9808.
