USD/CHF – 0.9605
Original strategy :
Bought at 0.9610, Target: 0.9710, Stop: 0.9575
Position : – Long at 0.9610
Target : – 0.9710
Stop : – 0.9575
New strategy :
Hold long entered at 0.9610, Target: 0.9710, Stop: 0.9575
Position : – Long at 0.9610
Target : – 0.9710
Stop : – 0.9575
Although the greenback dropped again in NY morning, loss of near term downward momentum should prevent sharp fall below 0.9580 and upside risk remains for another rebound, above 0.9640-45 would bring test of resistance at 0.9675 but break of latter level is needed to signal an intra-day low is formed, bring test of previous support at 0.9710, above there would provide confirmation, bring stronger rebound to 0.9740 but price should falter well below 0.9773.
In view of this, we are holding on to our long position but one must exit on such rebound. Below 0.9580 would signal the fall from 0.9773 top is still in progress for retracement of recent upmove to 0.9565-70 (61.8% Fibonacci retracement of 0.9438-0.9773), then 0.9550 but price should stay well above support at 0.9490.
