USD/CHF – 1.0008
Most recent candlesticks pattern : N/A
Trend : Up
Tenkan-Sen level : 0.9987
Kijun-Sen level : 0.9987
Ichimoku cloud top : 1.0004
Ichimoku cloud bottom : 1.0000
Original strategy :
Bought at 0.9950, Target: 1.0050, Stop: 0.9930
Position : – Long at 0.9950
Target : – 1.0050
Stop : – 0.9930
New strategy :
Hold long entered at 0.9950, Target: 1.0050, Stop: 0.9930
Position : – Long at 0.9950
Target : – 1.0050
Stop : – 0.9930
Dollar’s retreat after faltering below indicated resistance at 1.0038 has retained our view that further consolidation below this level would be seen, however, still reckon downside would be limited to 0.9945-50 and bring another rise later. Above 1.0005-10 would bring retest of 1.0038 but break there is needed to confirm recent upmove from 0.9421 low has resumed and may extend further gain to 1.0050-55, then towards 1.0075-80 but price should falter below 1.0100 resistance.
In view of this, we are holding on to our long position entered at 0.9950. Below said support at 0.9938 would abort and signal top is formed instead, risk correction to 0.9920-23 (38.2% Fibonacci retracement of 0.9737-1.0038) but 0.9885-90 (50% Fibonacci retracement) should limit downside and support at 0.9869 would remain intact.
