USD/CHF – 0.9649
Original strategy :
Bought at 0.9620, Target: 0.9720, Stop: 0.9595
Position : – Long at 0.9620
Target : – 0.9720
Stop : – 0.9595
New strategy :
Hold long entered at 0.9620, Target: 0.9720, Stop: 0.9595
Position : – Long at 0.9620
Target : – 0.9720
Stop : – 0.9595
Although the greenback retreated after faltering below resistance at 0.9699, outlook remains consolidative and reckon yesterday’s low at 0.9620 would limit downside, bring another rebound later, above indicated resistance at 0.9699 would signal the fall from 0.9766 has ended at 0.9586 last week and mild upside bias is seen for gain to 0.9720, then 0.9740, having said that, reckon resistance at 0.9766-73 would cap upside and bring further consolidation. Only a break of 0.9773 would retain bullishness and signal early rise from 0.9438 has resumed and extend gain to 0.9800.
In view of this, we are holding on to our long position entered at 0.9620. Below 0.9600 would risk test of strong support at 0.9583-86 but only break there would signal a downside break of recent broad range has occurred, bring subsequent fall to 0.9550.
