USD/CHF – 0.9610
Original strategy :
Buy at 0.9480, Target: 0.9580, Stop: 0.9445
Position : –
Target : –
Stop : –
New strategy :
Buy at 0.9550, Target: 0.9650, Stop: 0.9515
Position : –
Target : –
Stop : –
The greenback extended the rebound from 0.9421 (last week’s low) in line with our bullish expectations, this anticipated rise together with the breach of previous resistance at 0.9595 add credence to our view that low has been formed at 0.9421 and consolidation with upside bias remains for further gain to 0.9635-40 (61.8% Fibonacci retracement of 0.9773-0.9421), however, near term overbought condition would limit upside and reckon resistance at 0.9680 would remain intact.
In view of this, we are looking to reinstate long on dips as 0.9550-55 should limit downside and bring another upmove later. Below 0.9525-30 would defer and risk correction to 0.9500 but downside should be limited and 0.9450-60 would remain intact, bring another rebound later.
