USD/CHF – 0.9955
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 0.9980
Kijun-Sen level : 1.0025
Ichimoku cloud top : 1.0088
Ichimoku cloud bottom : 1.0085
Original strategy :
Sell at 1.0030, Target: 0.9930, Stop: 1.0065
Position : –
Target : –
Stop : –
New strategy :
Sell at 1.0020, Target: 0.9920, Stop: 1.0055
Position : –
Target : –
Stop : –
As the greenback has fallen again after brief recovery, suggesting the decline from 1.0171 top is still in progress and bearishness remains for further weakness to 0.9920-25, however, loss of near term downward momentum should prevent sharp fall below 0.9900 and reckon 0.9870-75 would hold from here, risk from there has increased for a strong rebound later.
In view of this, would not chase this fall here and would be prudent to sell dollar on recovery as the Kijun-Sen (now at 1.0025) should limit upside and bring another decline. Only above previous support at 1.0060 (now resistance) would abort and signal low is formed instead, risk rebound to 1.0090-95 first.
