USD/CHF – 0.9647
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 0.9549
Kijun-Sen level : 0.9564
Ichimoku cloud top : 0.9644
Ichimoku cloud bottom : 0.9617
Original strategy :
Bought at 0.9555, Target: 0.9655, Stop: 0.9520
Position : – Long at 0.9555
Target : – 0.9655
Stop : – 0.9520
New strategy :
Exit long entered at 0.9555,
Position : – Long at 0.9555
Target : –
Stop : –
Although the greenback recovered after falling to 0.9523 yesterday, near term downside risk remains and below said support would extend recent selloff to 0.9500 and possibly towards 0.9475-80, however, loss of near term downward momentum should prevent sharp fall below latter level and reckon 0.9440-50 would hold from here, risk from there is seen for another rebound later.
In view of this, would be prudent to exit long entered at 0.9555 and stand aside for now. Above 0.9575 (38.2% Fibonacci retracement of 0.9659-0.9523) would bring a stronger recovery to previous support at 0.9595 but reckon upside would be limited to 0.9605-10 (61.8% Fibonacci retracement) and resistance at 0.9635 should remain intact, bring another decline later.
