USD/CHF – 0.9691
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 0.9699
Kijun-Sen level : 0.9681
Ichimoku cloud top : 0.9672
Ichimoku cloud bottom : 0.9660
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 : –
Although the greenback rebounded after finding support at 0.9631, break of indicated resistance at 0.9727 is needed to signal recent upmove has resumed and extend gain to 0.9750-60, then 0.9780, however, near term overbought condition should limit upside to 0.9800-10, bring retreat later. If said resistance at 0.9727 continues to hold, then further consolidation would take place and another retreat to 0.9650 and 0.9631 cannot be ruled out but 0.9596 (previous resistance turned support) should limit downside and bring another rise later.
In view of this, would not chase this rise here and would be prudent to buy dollar on subsequent 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.
