USD/CHF – 0.9640
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 0.9542
Kijun-Sen level : 0.9542
Ichimoku cloud top : 0.9612
Ichimoku cloud bottom : 0.9574
New strategy :
Stand aside
Position : –
Target : –
Stop : –
As the greenback has remained under pressure after dropping sharply from 0.9701, suggesting near term downside risk remains and below support at 0.9523 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.
