USD/CHF – 0.9791
Most recent candlesticks pattern : N/A
Trend : Sideways
Tenkan-Sen level : 0.9787
Kijun-Sen level : 0.9786
Ichimoku cloud top : 0.9766
Ichimoku cloud bottom : 0.9749
Original strategy :
Buy at 0.9770, Target: 0.9870, Stop: 0.9735
Position : –
Target : –
Stop : –
New strategy :
Buy at 0.9770, Target: 0.9870, Stop: 0.9735
Position : –
Target : –
Stop : –
Dollar’s rally after finding renewed buying interest at 0.9730 signals low has been formed at 0.9705 late last week and mild upside bias remains for test of 0.9808-10, however, break there is needed to add credence to our view that the fall from 0.9837 has ended at 0.9705, bring retest of this level later, 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.
