USD/CHF – 0.9720
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 0.9724
Kijun-Sen level : 0.9667
Ichimoku cloud top : 0.9621
Ichimoku cloud bottom : 0.9615
Original strategy :
Sold at 0.9625, stopped at 0.9650
Position : – Short at 0.9625
Target : –
Stop : – 0.9650
New strategy :
Stand aside
Position : –
Target : –
Stop : –
The greenback only fell to 0.9589 yesterday before staging another rally (after Fed) above resistance at 0.9705, suggesting recent rise from 0.9421 low is still in progress and may extend gain towards 0.9761-66 (50% Fibonacci retracement of 1.0100-0.9421 and previous resistance) but reckon another previous resistance at 0.9773 would hold on first testing due to near term overbought condition, risk from there is seen for a retreat later.
In view of this, would not chase this rise here and would be prudent to stand aside for now. Below 0.9685 would bring test of the Kijun-Sen (now at 0.9667) but break there is needed to signal an intra-day top is formed, bring retracement to 0.9635-40 but said support at 0.9589 should remain intact.
