USD/CHF – 0.9744
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 0.9763
Kijun-Sen level : 0.9769
Ichimoku cloud top : 0.9799
Ichimoku cloud bottom : 0.9797
New strategy :
Sell at 0.9770, Target: 0.9670, Stop: 0.9805
Position : –
Target : –
Stop : –
As the greenback has dropped again after brief recovery, adding credence to our view that top has possibly been formed at 0.9837 last week and consolidation with mild downside bias is seen for weakness to 0.9730-35 (38.2% Fibonacci retracement of 0.9565-0.9837), however, break there is needed to retain bearishness for test of previous support at 0.9710 and later towards 0.9669-70 (61.8% Fibonacci retracement and previous support) which is likely to hold from here.
In view of this, would not chase this fall here and we are looking to sell dollar on recovery as previous support at 0.9771 should turn into resistance and limit upside. Only break of resistance at 0.9808 would signal an intra-day low is formed and indicate the pullback from 0.9837 has ended, bring retest of this level later.
