USD/CHF – 0.9736
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 0.9738
Kijun-Sen level : 0.9733
Ichimoku cloud top : 0.9698
Ichimoku cloud bottom : 0.9694
Original strategy :
Bought at 0.9685, stopped profit at 0.9710
Position : – Long at 0.9685
Target : –
Stop : – 0.9710
New strategy :
Stand aside
Position : –
Target : –
Stop : –
Although the greenback retreated to 0.9696 yesterday, as dollar found support there and has rebounded, suggesting another test of resistance at 0.9770-73 cannot be ruled out, however, break there is needed to signal recent upmove has resumed and revive bullishness for the move from 0.9421 low to to extend gain to 0.9800-10 but overbought condition should limit upside to 0.9840-50.
In view of this, would not chase this rise here and would be prudent to stand aside in the meantime. Below said support at 0.9696 would suggest top is possibly formed, bring test of 0.9681 support, break there would add credence to this view, bring correction of recent rise towards support at 0.9642 which is likely to hold on first testing.
