USD/CHF – 0.9500
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 0.9558
Kijun-Sen level : 0.9558
Ichimoku cloud top : 0.9579
Ichimoku cloud bottom : 0.9544
New strategy :
Sell at 0.9555, target: 0.9455, Stop: 0.9590
Position : –
Target : –
Stop : –
Although the greenback staged a strong rebound to 0.9622, renewed selling interest emerged there and dollar has dropped again from there, confirming recent decline has resumed and bearishness remains for further weakness to 0.9490, then towards 0.9460, however, near term oversold condition should prevent sharp fall below previous support at 0.9440-44, risk from there is seen for a rebound later.
In view of this, we are looking to sell dollar on recovery as the Kijun-Sen (now at 0.9558) should limit upside and bring another decline. Above the upper Kumo (now at 0.9579) would suggest an intra-day low is formed, bring a stronger rebound towards resistance at 0.9622 which is likely to hold from here.
