USD/CHF – 0.9898
Most recent candlesticks pattern : N/A
Trend : Up
Tenkan-Sen level : 0.9889
Kijun-Sen level : 0.9904
Ichimoku cloud top : 0.9894
Ichimoku cloud bottom : 0.9875
Original strategy :
Buy at 0.9840, Target: 0.9940, Stop: 0.9805
Position : –
Target : –
Stop : –
New strategy :
Buy at 0.9840, Target: 0.9940, Stop: 0.9805
Position : –
Target : –
Stop : –
Dollar’s retreat after rising to 0.9940 has retained our view that consolidation below this level would be seen and pullback to 0.9860-65 (38.2% Fibonacci retracement of 0.9737-0.9940) cannot be ruled out , however, reckon support at 0.9838 would limit downside and bring another rise later, above said resistance at 0.9940 would extend recent rise from 0.9421 low to 0.9970, having said that, 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 further 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.
