USD/CHF – 0.9679
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 0.9686
Kijun-Sen level : 0.9703
Ichimoku cloud top : 0.9678
Ichimoku cloud bottom : 0.9660
Original strategy :
Sold at 0.9720, Target: 0.9620, Stop: 0.9755
Position : – Short at 0.9720
Target : – 0.9620
Stop : – 0.9755
New strategy :
Hold short entered at 0.9720, Target: 0.9620, Stop: 0.9720
Position : – Short at 0.9720
Target : – 0.9620
Stop : – 0.9720
Although dollar staged a strong rebound from last week’s low of 0.9613 to 0.9728 (last week’s high), the subsequent retreat has retained our bearishness and consolidation with mild downside bias remains for weakness to 0.9657 support, however, break of 0.9640 is needed to signal the rebound from 0.9613 has ended, bring retest of this level first. A break below this level would extend recent decline to 0.9600-05 (50% projection of 1.0100-0.9692 measuring from 0.9808) later.
In view of this, we are holding on to our short position entered at 0.9720. Above said resistance at 0.9728 would abort and signal a temporary low has been formed at 0.9613 last week instead, bring a stronger rebound to 0.9761 resistance but price should falter below resistance at 0.9808.
