USD/CHF – 0.9548
Most recent candlesticks pattern : N/A
Trend : Down
Tenkan-Sen level : 0.9546
Kijun-Sen level : 0.9574
Ichimoku cloud top : 0.9599
Ichimoku cloud bottom : 0.9573
Original strategy :
Buy at 0.9500, Target: 0.9600, Stop: 0.9465
Position : –
Target : –
Stop : –
New strategy :
Buy at 0.9500, Target: 0.9600, Stop: 0.9465
Position : –
Target : –
Stop : –
As the greenback has remained under near term pressure and consolidation with initial downside bias remains, hence weakness to 0.9520-25 cannot be ruled out, however, if our view that low has been formed at 0.9428 last week is correct, downside would be limited to 0.9500 and bring another rebound later. Above 0.9615-20 would suggest low is possibly formed, 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, we are inclined to buy dollar on further subsequent decline. Below 0.9490-00 would risk weakness to 0.9470 but still reckon downside would be limited to 0.9450 and said support at 0.9428 should remain intact, bring another rebound later.
