USD/CHF – 0.9614
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 0.9613
Kijun-Sen level : 0.9617
Ichimoku cloud top : 0.9687
Ichimoku cloud bottom : 0.9685
Original strategy :
Sell at 0.9645, Target: 0.9545, Stop: 0.9680
Position : –
Target : –
Stop : –
New strategy :
Sell at 0.9655, Target: 0.9555, Stop: 0.9690
Position : –
Target : –
Stop : –
As the greenback has recovered after falling to 0.9579, suggesting minor consolidation would be seen and recovery to 0.9635-40 cannot be ruled out, however, reckon upside would be limited to 0.9655-60 and bring another decline, below said support at 0.9579 would signal the decline from 0.9771 top is still in progress and may extend weakness to 0.9550 but 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 cap 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.
