USD/CHF – 0.9475
Most recent candlesticks pattern : N/A
Trend : Down
Tenkan-Sen level : 0.9466
Kijun-Sen level : 0.9499
Ichimoku cloud top : 0.9595
Ichimoku cloud bottom : 0.9570
Original strategy :
Sell at 0.9520, Target: 0.9420, Stop: 0.9555
Position : –
Target : –
Stop : –
New strategy :
Sell at 0.9530, Target: 0.9430, Stop: 0.9565
Position : –
Target : –
Stop : –
As the greenback has recovered after falling to 0.9428, suggesting minor consolidation above this level would be seen and test of the Kijun-Sen (now at 0.9499) and then 0.9515-20 (38.2% Fibonacci retracement of 0.9663-0.9428), however, previous support at 0.9537 should limit upside and bring another decline later, below said support at 0.9428 would extend recent decline to 0.9400, however, loss of momentum should prevent sharp fall below 0.9370-75 and reckon 0.9350 would hold.
In view of this, would not chase this fall at current level and we are looking to sell dollar on recovery as previous support at 0.9537 should turn into resistance and limit dollar’s upside, bring another decline. Only above resistance at 0.9578-83 would abort and signal low is formed, bring a stronger rebound towards 0.9620.
