USD/CHF – 0.9702
New strategy :
Stand aside
Position : –
Target : –
Stop : –
The greenback has remained confined within recent established range and further consolidation would take place, although the retreat from 0.9770 may bring test of 0.9681 support, break there is needed to suggest a temporary top has possibly been formed, bring subsequent weakness to 0.9660 but support at 0.9642 (this week’s low) should remain intact.
On the upside, whilst recovery to 0.9740-45 cannot be ruled out, said this week’s high at 0.9770 should remain intact and bring further consolidation later. Only break of indicated resistance at 0.9770-73 would signal recent upmove has resumed and the move from 0.9421 low would extend gain to 0.9800-10 and later towards 0.9840-50. As near term outlook is mixed, would be prudent to stand aside for now.
