USD/CHF – 0.9519
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 0.9507
Kijun-Sen level : 0.9543
Ichimoku cloud top : 0.9511
Ichimoku cloud bottom : 0.9490
Original strategy :
Sold at 0.9570, target: 0.9470, Stop: 0.9605
Position : – Short at 0.9570
Target : – 0.9470
Stop : – 0.9605
New strategy :
Hold short entered at 0.9570, target: 0.9470, Stop: 0.9570
Position : – Short at 0.9570
Target : – 0.9470
Stop : – 0.9570
Although the greenback rose to as high as 0.9596, the subsequent selloff on dollar’s broad-based weakness signals top is formed there, retaining our bearishness and consolidation with downside bias remains for weakness to 0.9470, however, break of 0.9450-55 is needed to signal the rebound from 0.9438 has ended there, bring retest of this level first.
In view of this, we are holding on to our short position entered at 0.9570. Above 0.9560-70 would risk test of 0.9596-01 (said resistance and 61.8% Fibonacci retracement of 0.9701-0.9438), break there would suggest a temporary low has been formed at 0.9438 instead, bring a stronger rebound towards resistance area at 0.9622-35.
