USD/CHF – 0.9726
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 0.9724
Kijun-Sen level : 0.9713
Ichimoku cloud top : 0.9710
Ichimoku cloud bottom : 0.9696
New strategy :
Stand aside
Position : –
Target : –
Stop : –
Despite yesterday’s retreat from 0.9738 to 0.9692, lack of follow through selling and the subsequent rebound suggest further choppy trading would be seen and another bounce to 0.9738-43 cannot be ruled out, however, only a firm break above there would revive bullishness and signal low is formed, bring test of 0.9766-71 resistance first. Once this resistance is penetrated, this would confirm recent rise from 0.9613 low has resumed for test of resistance at 0.9808, then towards another previous resistance at 0.9825.
On the downside, below said support at 0.9692 would suggest the rebound from 0.9676 (Friday’s low) has ended, bring another test of this level, break there would signal the erratic fall from 0.9771 top is still in progress for retracement of recent rise to 0.9660, however, as broad outlook remains consolidative, still reckon downside would be limited to 0.9641 support, risk from there is seen for another rise to take place later.
