Due to holidays, next update will be posted on Oct 9.
USD/CHF – 0.9677
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 0.9696
Kijun-Sen level : 0.9707
Ichimoku cloud top : 0.9737
Ichimoku cloud bottom : 0.9726
New strategy :
Sell at 0.9705, Target: 0.9605, Stop: 0.9740
Position : –
Target : –
Stop : –
The greenback continued meeting resistance around 0.9720 and has slipped again in NY morning, suggesting top has possibly been formed at 0.9770 earlier this week and downside bias is seen for test of support at 0.9642, however, break there is needed to add credence to this view and extend fall to 0.9620, then towards previous support at 0.9589 which is likely to hold from here.
In view of this, we are looking to sell dollar on recovery as 0.9700-05 should limit upside and bring another decline later. Above 0.9720-25 would suggest an intra-day low is formed, bring rebound to 0.9750 but still reckon strong resistance at 0.9770-73 would hold from here.
