USD/CHF – 0.9649
New strategy :
Stand aside
Position : –
Target : –
Stop : –
As the greenback rebounded after holding above indicated previous support at 0.9583, retaining our view that further consolidation would take place and another bounce to 0.9699 resistance cannot be ruled out, however, reckon upside would be limited to 0.9730-35 and price should falter below resistance at 0.9766-73 resistance area, bring retreat later.
As near term outlook is still mixed, would be prudent to stand aside for now. Below the Kijun-Sen (now at 0.9628) would bring test of said support at 0.9583, however, break there is needed to revive bearishness and signal another leg of decline from 0.9773 is underway and extend subsequent fall to 0.9550, then 0.9515-20 which is likely to hold on first testing.
