USD/CHF – 0.9693
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 0.9687
Kijun-Sen level : 0.9669
Ichimoku cloud top : 0.9647
Ichimoku cloud bottom : 0.9646
Original strategy :
Sell at 0.9720, Target: 0.9620, Stop: 0.9755
Position : –
Target : –
Stop : –
New strategy :
Sell at 0.9720, Target: 0.9620, Stop: 0.9755
Position : –
Target : –
Stop : –
Although dollar’s rebound from 0.9613 (this week’s low) suggests near term upside risk remains for gain towards resistance at 0.9720, as this move is viewed as retracement of recent decline, reckon upside would be limited too 0.9730-35 (61.8% Fibonacci retracement of 0.9808-0.9613) and bring retreat later, below 0.9645-50 would suggest an intra-day top is formed, bring weakness towards said support at 0.9613 but break there is needed to signal decline has resumed for fall to to 0.9600-05 (50% projection of 1.0100-0.9692 measuring from 0.9808) later.
In view of this, we are looking to sell dollar on recovery as resistance at 0.9720 should limit upside. Above 0.9740 would abort and signal a temporary low is formed instead, bring a stronger rebound to 0.9761 resistance but price should falter below resistance at 0.9808.
