USD/CHF – 0.9635
Original strategy :
Exit long entered at 0.9555,
Position : – Long at 0.9555
Target : –
Stop : –
New strategy :
Stand aside
Position : –
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 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.
