USD/CHF – 0.9548
Most recent candlesticks pattern : N/A
Trend : Down
Tenkan-Sen level : 0.9561
Kijun-Sen level : 0.9530
Ichimoku cloud top : 0.9496
Ichimoku cloud bottom : 0.9473
Original strategy :
Bought at 0.9450, met target at 0.9550
Position : – Long at 0.9450
Target : – 0.9550
Stop : –
New strategy :
Buy at 0.9480, Target: 0.9580, Stop: 0.9445
Position : –
Target : –
Stop : –
The greenback extended the rebound from 0.9421 (last week’s low) in line with our bullish expectations, our long position entered at 0.9450 met target at 0.9550 with 100 points profit, this anticipated rise adds credence to our view that low has been formed at 0.9421 and consolidation with upside bias remains for another rebound to 0.9580-81 (61.8% Fibonacci retracement of 0.9680-0.9421), then test of resistance at 0.9595, however, near term overbought condition should limit upside to 0.9640-45.
In view of this, we are looking to reinstate long on dips as the lower Kumo (now at 0.9473) should limit downside and bring another rebound. Below 0.9450 would abort and suggest the rebound from 0.9421 has ended, bring retest of this level later.
