USD/CHF – 0.9595
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 0.9596
Kijun-Sen level : 0.9659
Ichimoku cloud top : 0.9718
Ichimoku cloud bottom : 0.9707
Original strategy :
Sell at 0.9680, Target: 0.9580, Stop: 0.9715
Position : –
Target : –
Stop : –
New strategy :
Sell at 0.9660, Target: 0.9550, Stop: 0.9695
Position : –
Target : –
Stop : –
The greenback has remained under pressure after yesterday’s selloff below previous chart support at 0.9613, adding credence to our bearish view that the decline from 0.9771 top is still in progress and downside bias remains for further weakness towards 0.9550, however, reckon downside would be limited to 0.9525-30 (50% projection of 1.10100-0.9613 measuring from 0.9771) and 0.9500 should hold, price should stay above 0.9470 (61.8% projection), bring rebound later.
In view of this, would not chase this fall here and 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.
