USD/CHF – 0.9912
Original strategy :
Buy at 0.9795, Target: 0.9895, Stop: 0.9760
Position : –
Target : –
Stop : –
New strategy :
Buy at 0.9840, Target: 0.9940, Stop: 0.9805
Position : –
Target : –
Stop : –
Yesterday’s rally above resistance at 0.9882 confirms our view that recent rise from 0.9421 low is still in progress and bullishness remains for this move to extend further gain to 0.9940-50, then towards 0.9970, having said that, near term overbought condition should limit upside and price should falter well below psychological resistance at 1.0000, bring retreat later.
In view of this, we are looking to buy dollar again on pullback as said support at 0.9838 should limit downside and bring another rise. A firm break below 0.9830 would defer and risk test of support at 0.9796 but only break of latter level would signal top is formed instead, risk retracement of recent rise to 0.9775-80, however, support at 0.973037 should remain intact.
