USD/CHF – 0.9599
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 0.9609
Kijun-Sen level : 0.9611
Ichimoku cloud top : 0.9635
Ichimoku cloud bottom : 0.9609
Original strategy :
Sell at 0.9645, Target: 0.9545, Stop: 0.9680
Position : –
Target : –
Stop : –
New strategy :
Sell at 0.9625, Target: 0.9525, Stop: 0.9660
Position : –
Target : –
Stop : –
The greenback only recovered to 0.9641 (just missed our short entry at 0.9645) before retreating, bearishness remains for another test of 0.9563-65 (50% Fibonacci retracement of 0.9421-0.9705 and Friday’s low) would extend weakness to 0.9525-30 (61.8% Fibonacci retracement), however, downside should be limited to 0.9500 and 0.9480-85 should hold from here.
In view of this, we are looking to sell dollar again on minor recovery as 0.9625-30 should limit upside. Above 0.9648 would defer and risk rebound to 0.9675-80, break there would signal the pullback from 0.9705 has ended, bring retest of this level, a breach of this last week’s high would extend recent rise from 0.9421 to 0.9740-50 later.
