USD/CHF – 0.9703
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 0.9676
Kijun-Sen level : 0.9662
Ichimoku cloud top : 0.9629
Ichimoku cloud bottom : 0.9616
Original strategy :
Exit long entered at 0.9610
Position : – Long at 0.9610
Target : –
Stop : –
New strategy :
Stand aside
Position : –
Target : –
Stop : –
Current anticipated rally above indicated resistance at 0.9675 adds credence to our view that the fall from 0.9773 has formed a low at 0.9583 on Friday and although near term upside bias remains for the rebound from there to extend gain to 0.9720-30, as broad outlook remains consolidative, reckon upside would be limited to 0.9750 and price should falter below said resistance at 0.9773, bring retreat later.
As we have taken profit on our long position entered at 0.9610, would not chase this rise here and would be prudent to stand aside for now. Below the Kijun-Sen (now at 0.9662) would suggest an intra-day top is formed instead, bring weakness to the lower Kumo (now at 0.9616) but break there is needed to signal the rebound from 0.9573 has ended, bring weakness to 0.9600 first.
