USD/CHF – 0.9654
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 0.9556
Kijun-Sen level : 0.9548
Ichimoku cloud top : 0.9591
Ichimoku cloud bottom : 0.9558
New strategy :
Stand aside
Position : –
Target : –
Stop : –
As the greenback has recovered again after holding above this week’s low at 0.9523, retaining our view that further consolidation above this level would be seen and corrective bounce to 0.9575 (38.2% Fibonacci retracement of 0.9659-0.9523) is likely, however, reckon upside would be limited to previous support at 0.9595 and reckon 0.9605-10 (61.8% Fibonacci retracement) would hold, price should falter well below resistance at 0.9635, bring another decline later.
On the downside, below said 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. As near term outlook is mixed, would be prudent to stand aside for now.
