USD/CHF – 0.9723
New strategy :
Buy at 0.9710, Target: 0.9810, Stop: 0.9675
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 towards resistance at 0.9808, however, reckon previous resistance at 0.9825 would hold from here due to near term overbought condition, bring retreat later.
In view of this, we re looking to buy dollar on pullback as 0.9705-10 should limit downside. Below 0.9680 would defer and risk weakness towards said support at 0.9641 but only break there would abort and revive bearishness, this would also suggest the rebound from 0.9613 has ended instead, bring retest of this level later.
