USD/CHF – 0.9745
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 0.9752
Kijun-Sen level : 0.9763
Ichimoku cloud top : 0.9804
Ichimoku cloud bottom : 0.9789
Original strategy :
Sell at 0.9770, Target: 0.9670, Stop: 0.9805
Position : –
Target : –
Stop : –
New strategy :
Sell at 0.9780, Target: 0.9680, Stop: 0.9815
Position : –
Target : –
Stop : –
As the greenback has remained under pressure, 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.
