USD/CHF – 0.9723
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 0.9719
Kijun-Sen level : 0.9689
Ichimoku cloud top : 0.9683
Ichimoku cloud bottom : 0.9682
Original strategy :
Sold at 0.9720, stopped profit at 0.9715
Position : – Short at 0.9720
Target : –
Stop : – 0.9715
New strategy :
Buy at 0.9685, Target: 0.9785, Stop: 0.9650
Position : –
Target : –
Stop : –
Although the greenback slipped to 0.9641, lack of follow through selling and the subsequent rally on dollar’s broad-based strength suggest low has been formed at 0.9613 last week and mild upside bias is seen for the erratic rise from there to extend gain to 0.9760-65, however, reckon resistance at 0.9808 would hold from here, bring retreat later.
In view of this, we re looking to buy dollar on pullback as 0.9680-85 should limit downside. Only break of said support at 0.9641 would abort and revive bearishness and suggest the rebound from 0.9613 has ended instead, bring retest of this level later.
