USD/CHF – 0.9496
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 0.9478
Kijun-Sen level : 0.9477
Ichimoku cloud top : 0.9530
Ichimoku cloud bottom : 0.9462
Original strategy :
Sell at 0.9555, target: 0.9455, Stop: 0.9590
Position : –
Target : –
Stop : –
New strategy :
Sell at 0.9555, target: 0.9455, Stop: 0.9590
Position : –
Target : –
Stop : –
As the greenback has recovered after falling to 0.9438 late last week, suggesting consolidation above this level would be seen and corrective bounce to 0.9523 (previous support now resistance) cannot be ruled out, however, reckon upside would be limited to 0.9555-60 and bring retreat later, below 0.9450-55 would signal the rebound from 0.9438 has ended, bring retest of this level first. A break of said support at 0.9438 would extend recent decline to 0.9405-10 but loss of momentum should limit downside to 0.9375-80, price should stay above 0.9350, risk from there is seen for a rebound later.
In view of this, we are looking to sell dollar on subsequent recovery as 0.9555-60 should limit upside and bring another decline. Above 0.9580-85 would suggest a temporary low is formed instead, bring a stronger rebound towards resistance at 0.9622 which is likely to hold from here.
