USD/CHF – 0.9987
Most recent candlesticks pattern : N/A
Trend : Up
Tenkan-Sen level : 0.9984
Kijun-Sen level : 0.9973
Ichimoku cloud top : 0.9973
Ichimoku cloud bottom : 0.9961
Original strategy :
Buy at 0.9915, Target: 1.0030, Stop: 0.9880
Position : –
Target : –
Stop : –
New strategy :
Buy at 0.9915, Target: 1.0030, Stop: 0.9880
Position : –
Target : –
Stop : –
Although dollar found support at 0.9938 and recovered since, reckon 1.0000-05 would limit upside and near term downside risk remains for the corrective fall from 1.0038 (last week’s high) to bring retracement of recent rise to 0.9920-25 (38.2% Fibonacci retracement of 0.9737-1.0038), however, 0.9905-10 should limit downside and bring another rise later, above 1.0000-05 would bring retest of said resistance at 1.0038, break there would extend recent rise from 0.9421 low to 1.0050-55, then towards 1.0075-80 but price should falter below 1.0100 resistance.
In view of this, we are looking to buy dollar again on pullback as 0.9915-25 should limit downside, bring another rise later. Below 0.9885-90 (50% Fibonacci retracement of 0.9737-1.0038) would defer and suggest top is possibly formed, risk test of support at 0.9869.
