USD/CHF – 0.9566
New strategy :
Stand aside
Position : –
Target : –
Stop : –
Although the greenback staged a strong rebound to 0.9622, the subsequent quick retreat after faltering below indicated resistance at 0.9635 suggests further choppy trading would be seen and weakness to 0.9540-45 cannot be ruled out, however, break of support at 0.9523 is needed to confirm recent decline has resumed for weakness to 0.9500, then towards 0.9475-80 later.
On the upside, above 0.9600 would bring another test of 0.9622 but only break of said resistance at 0.9635 would confirm low is formed instead, bring a stronger rebound to resistance at 0.9659 which is likely to hold on first testing. As near term outlook is mixed, would be prudent to stand aside for now.
