USD/CHF – 0.9666
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 0.9675
Kijun-Sen level : 0.9675
Ichimoku cloud top : 0.9675
Ichimoku cloud bottom : 0.9609
Original strategy :
Buy at 0.9600, Target: 0.9700, Stop: 0.9565
Position : –
Target : –
Stop : –
New strategy :
Buy at 0.9600, Target: 0.9700, Stop: 0.9565
Position : –
Target : –
Stop : –
As the greenback has retreated after faltering below last week’s high at 0.9727, retaining our view that further consolidation below this level would be seen and initial downside risk remains for pullback to 0.9635 (38.2% Fibonacci retracement of 0.9490-0.9727), however, previous resistance at 0.9596 should turn into support and contain downside, bring another rise later, above said resistance at 0.9727 would extend recent rise to 0.9750-60, then 0.9780 but reckon 0.9800 would hold from here.
In view of this, would not chase this rise here and would be prudent to buy dollar on further pullback as previous resistance at 0.9596 should turn into support and contain dollar’s downside. Below 0.9580 (61.8% Fibonacci retracement of 0.9490-0.9727) would defer and suggest a temporary top is formed instead, bring correction to 0.9540-50 but price should stay well above support at 0.9490, bring another rise later.
