USD/CHF – 0.9595
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 0.9593
Kijun-Sen level : 0.9581
Ichimoku cloud top : 0.9600
Ichimoku cloud bottom : 0.9571
Original strategy :
Sell at 0.9645, Target: 0.9545, Stop: 0.9680
Position : –
Target : –
Stop : –
New strategy :
Sell at 0.9645, Target: 0.9545, Stop: 0.9680
Position : –
Target : –
Stop : –
Dollar’s recovery after falling to 0.9552 last week suggests minor consolidation would be seen and corrective bounce to 0.9620-25 (38.2% Fibonacci retracement of 0.9738-0.9552) is likely, however, reckon resistance at 0.9647 would limit upside and bring another decline later, below said support would signal recent decline from 0.9771 top is still in progress, hence further weakness to 0.9545-49 (2 times extension of 0.9771-0.9676 measuring from 0.9738) would follow 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 resistance at 0.9647 should limit upside. Only above previous support at 0.9676 (now resistance) would defer and suggest a temporary low is formed, risk test of another previous support at 0.9692.
