USD/CHF – 0.9800
Most recent candlesticks pattern : N/A
Trend : Sideways
Tenkan-Sen level : 0.9786
Kijun-Sen level : 0.9770
Ichimoku cloud top : 0.9747
Ichimoku cloud bottom : 0.9739
New strategy :
Buy at 0.9770, Target: 0.9870, Stop: 0.9735
Position : –
Target : –
Stop : –
As the greenback has surged again after brief pullback, adding credence to our view that low has possibly been formed at 0.9705 last week and consolidation with mild upside bias remains for gain to 0.9808 resistance but a firm break above there is needed to signal the fall from 0.9837 has ended instead, bring retest of this level, break there would confirm recent rise from 0.9421 low has resumed and extend headway to 0.9870 and possibly 0.9900.
In view of this, would not chase this rise here and would be prudent to buy dollar on pullback as 0.9760-70 should limit downside. Only a break below support at 0.9730 would abort and signal the rebound from 0.9705 has ended, bring retest of this level. Once this support is penetrated, this would revive bearishness and extend the fall from 0.9837 to 0.9669-70 (61.8% Fibonacci retracement of 0.9565-0.9837 and previous support) but previous support at 0.9642 should remain intact.
