USD/CHF – 0.9961
Original strategy :
Sell at 1.0020, Target: 0.9920, Stop: 1.0055
Position : –
Target : –
Stop : –
New strategy :
Sell at 1.0020, Target: 0.9920, Stop: 1.0055
Position : –
Target : –
Stop : –
As the greenback has remained under pressure, suggesting recent decline from 1.0171 is still in progress and may extend 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 lower Kumo (now at 1.0019) 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.
