USD/CHF – 0.9650
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 0.9642
Kijun-Sen level : 0.9623
Ichimoku cloud top : 0.9589
Ichimoku cloud bottom : 0.9552
Original strategy :
Sell at 0.9680, Target: 0.9580, Stop: 0.9715
Position : –
Target : –
Stop : –
New strategy :
Sell at 0.9680, Target: 0.9580, Stop: 0.9715
Position : –
Target : –
Stop : –
Although the greenback has maintained a firm undertone after yesterday’s rise in NY and near term upside risk remains for the rally from 0.9421 low to bring retracement of early decline, overbought condition should limit upside to 0.9680 (previous resistance as well as 38.2% Fibonacci retracement of 1.0100-0.9421) and bring retreat later , below the 0.9605-10 would bring test of support at 0.9584 (yesterday’s low) but reckon downside would be limited to 0.9540-45 and 0.9515-20 should hold, bring another upmove later.
In view of this, we are inclined to turn short on further subsequent rise. Above 0.9698-99 resistance would extend gain to 0.9725-30 but still reckon upside would be limited and 0.9761-66 (50% Fibonacci retracement of 1.0100-0.9421 and previous resistance) should hold, risk remains for another retreat to take place soon.
