USD/CHF – 1.0116
Most recent candlesticks pattern : N/A
Trend : Sideways
Tenkan-Sen level : 1.0117
Kijun-Sen level : 1.0102
Ichimoku cloud top : 1.0110
Ichimoku cloud bottom : 1.0096
New strategy :
Stand aside
Position : –
Target : –
Stop : –
Although the greenback found support at 1.0073 yesterday and rebounded since, dollar needs to penetrate resistance at 1.0146 to signal recent erratic rise has resumed and extend further gain to 1.0170-80, however, loss of upward momentum should prevent sharp move beyond 1.0200, risk from there remains for another retreat later.
In view of this, would not chase this rise here and would be prudent to stand aside in the meantime. Below said support at 1.0073 would bring weakness to 1.0060-65 (61.8% Fibonacci retracement of 1.0009-1.0146 and previous support), however, as broad outlook remains consolidative, reckon downside would be limited to 1.0035-40 and price should stay well above support at 1.0009, bring rebound later.
