USD/CHF – 0.9521
Most recent candlesticks pattern : N/A
Trend : Down
Tenkan-Sen level : 0.9511
Kijun-Sen level : 0.9488
Ichimoku cloud top : 0.9508
Ichimoku cloud bottom : 0.9470
Original strategy :
Bought at 0.9450, Target: 0.9550, Stop: 0.9480
Position : – Long at 0.9450
Target : – 0.9550
Stop : – 0.9480
New strategy :
Hold long entered at 0.9450, Target: 0.9550, Stop: 0.9480
Position : – Long at 0.9450
Target : – 0.9550
Stop : – 0.9480
As the greenback found support at 0.9439 and has rebounded, retaining our view that low is possibly formed at 0.9421 on Friday and consolidation with mild upside bias remains for retracement of recent decline, hence gain to 0.9550-55 would be seen, however, break above there is needed to add credence to this view, bring a stronger rebound towards resistance at 0.9595 which is likely to hold from here.
In view of this, we are holding on to our long position entered at 0.9450. Below said support at 0.9421 would risk weakness to 0.9390-00, having said that, further sharp fall below 0.9370-75 should not be repeated and reckon 0.9350 would hold from here, bring rebound later.
