USD/CHF – 0.9566
Most recent candlesticks pattern : N/A
Trend : Down
Tenkan-Sen level : 0.9567
Kijun-Sen level : 0.9577
Ichimoku cloud top : 0.9614
Ichimoku cloud bottom : 0.9602
Original strategy :
Buy at 0.9520, Target: 0.9620, Stop: 0.9485
Position : –
Target : –
Stop : –
New strategy :
Buy at 0.9520, Target: 0.9620, Stop: 0.9485
Position : –
Target : –
Stop : –
The greenback has continued trading lower after yesterday’s gap-down opening, suggesting further consolidation below last week’s high of 0.9680 would be seen and downside risk is for another fall towards 0.9539 support, however, if our view that low has been formed at 0.9428 last week is correct, downside would be limited to 0.9520 and bring another rebound later. Above 0.9615-20 would bring test of 0.9653-55 resistance, break there would bring another rise to 0.9680 but break there is needed to add credence to this view and extend gain to resistance at 0.9698-99.
In view of this, would not chase this rise here and would be prudent to buy dollar on further subsequent retreat. Below 0.9515-20 would risk weakness to 0.9490-00 but still reckon downside would be limited to 0.9450-60 and said support at 0.9428 should remain intact, bring another rebound later.
