USD/CHF – 0.9729
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 0.9730
Kijun-Sen level : 0.9733
Ichimoku cloud top : 0.9721
Ichimoku cloud bottom : 0.9718
Original strategy :
Buy at 0.9685, Target: 0.9785, Stop: 0.9650
Position : –
Target : –
Stop : –
New strategy :
Buy at 0.9685, Target: 0.9785, Stop: 0.9650
Position : –
Target : –
Stop : –
The greenback has traded narrowly since yesterday, retaining our view that consolidation below Friday’s high at 0.9765 would be seen, however, reckon downside would be limited to support at 0.9671 and bring another rise later, above said resistance at 0.9765 would signal recent upmove is still in progress, then further gain to 0.9775 (50% projection of 0.9438-0.9727 measuring from 0.9631) and later 0.9800-10 (61.8% projection) would follow but 0.9830-40 would hold from here, bring another retreat later.
In view of this, would not chase this rise here and would be prudent to buy dollar on pullback as 0.9680-85 should limit downside. Below 0.9671 support would defer and suggest top is possibly formed, risk test of support at 0.9631 but break there is needed to add credence to this view, bring retracement of recent rise to 0.9596 (previous resistance turned support).
