USD/CHF – 0.9616
Most recent candlesticks pattern : N/A
Trend : Sideways
Tenkan-Sen level : 0.9643
Kijun-Sen level : 0.9643
Ichimoku cloud top : 0.9676
Ichimoku cloud bottom : 0.9622
New strategy :
Stand aside
Position : –
Target : –
Stop : –
Although the greenback has dropped quite sharply today after meeting resistance at 0.9686 and test of previous support at 0.9583 cannot be ruled out, break there is needed to retain bearishness and signal another leg of decline from 0.9773 is underway for further weakness to 0.9550, then 0.9515-20 which is likely to hold on first testing.
In view of this, would not chase this fall here and would be prudent to stand aside for now. Above the Kijun-Sen (now at 0.9643) would bring another bounce towards 0.9686 but break of resistance at 0.9699 is needed to signal the fall from 0.9766 has ended and bring a stronger rebound to 0.9725-30 first.
