USD/CHF – 0.9647
New strategy :
Sell at 0.9680, Target: 0.9580, Stop: 0.9715
Position : –
Target : –
Stop : –
The greenback met renewed selling interest at 0.9738 and has dropped sharply on dollar’s broad-based weakness vs European currencies, suggesting the decline from 0.9771 top is still in progress and bearishness remains for further weakness towards recent low at 0.9613, however, break there is needed to provide confirmation that downtrend has resumed for further fall to 0.9575-80 and later towards 0.9550.
In view of this, we are looking to sell dollar on recovery as previous support at 0.9676 should turn into resistance and limit dollar’s upside, bring another decline. Above another previous support at 0.9692 would defer and risk a stronger rebound to 0.9715-20 but only break of resistance at 0.9738-43 would signal low is formed.
