USD/CHF – 0.9630
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 0.9616
Kijun-Sen level : 0.9637
Ichimoku cloud top : 0.9693
Ichimoku cloud bottom : 0.9650
Original strategy :
Sell at 0.9710, Target: 0.9610, Stop: 0.9745
Position : –
Target : –
Stop : –
New strategy :
Sell at 0.9740, Target: 0.9620, Stop: 0.9775
O.C.O.
Buy at 0.9610, Target: 0.9710, Stop: 0.9575
Position : –
Target : –
Stop : –
Although the greenback fell briefly to 0.9599, lack of follow through selling on break of previous support at 0.9612 and current rebound suggest consolidation with mild upside bias would be seen and test of resistance at 0.9675 cannot be ruled out, however, break there is needed to signal an intra-day low is formed, bring test of the upper Kumo (now at 0.9693) but previous support at 0.9710 should limit upside and renewed selling interest should emerge around 0.9740-50, bring another decline later.
In view of this, whilst we are still looking to sell dollar on subsequent rebound, we would turn long on dips. Below said support at 0.9599 would extend the corrective decline from 0.9773 top for retracement of early upmove to 0.9565-70 (61.8% Fibonacci retracement of 0.9438-0.9773).
