USD/CHF – 0.9532
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 0.9529
Kijun-Sen level : 0.9496
Ichimoku cloud top : 0.9479
Ichimoku cloud bottom : 0.9466
Original strategy :
Sell at 0.9555, target: 0.9455, Stop: 0.9590
Position : –
Target : –
Stop : –
New strategy :
Sell at 0.9570, target: 0.9470, Stop: 0.9605
Position : –
Target : –
Stop : –
As the greenback has maintained a firm undertone after staging a strong rebound from 0.9438 late last week, suggesting near term upside risks remains for this corrective bounce to extend gain to 0.9550-55, however, reckon upside would be limited to 0.9570-75 (50% Fibonacci retracement of 0.9701-0.9438) and bring retreat later, below the Kijun-Sen (now at 0.9496) would suggest an intra-day top is possibly formed but break of 0.9450-55 is needed to signal the rebound from 0.9438 has ended, bring retest of this level first.
In view of this, we are looking to sell dollar on further subsequent recovery as 0.9570 should limit upside and bring another decline. Above 0.9600-05 (61.8% Fibonacci retracement of 0.9701-0.9438) would suggest a temporary low is formed instead, bring a stronger rebound towards resistance at 0.9622.
