USD/CHF – 0.9721
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 0.9723
Kijun-Sen level : 0.9735
Ichimoku cloud top : 0.9747
Ichimoku cloud bottom : 0.9731
Original strategy :
Bought at 0.9705, Target: 0.9805, Stop: 0.9690
Position : – Long at 0.9705
Target : – 0.9805
Stop : – 0.9690
New strategy :
Hold long entered at 0.9705, Target: 0.9805, Stop: 0.9690
Position : – Long at 0.9705
Target : – 0.9805
Stop : – 0.9690
As the greenback has slipped again after meeting resistance at 0.9766, suggesting further consolidation below said last week’s high at 0.9771 would be seen, however, as long as support at 0.9695 holds, bullishness remains for recent upmove to resume after initial sideways trading, break of said resistance at 0.9771 would confirm recent rise from 0.9613 low has resumed for test of resistance at 0.9808 but reckon previous resistance at 0.9825 would hold from here due to near term overbought condition.
In view of this, we are holding on to our long position entered at 0.9705. Below said support at 0.9695 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.
