USD/CHF – 0.9988
Most recent candlesticks pattern : N/A
Trend : Up
Tenkan-Sen level : 0.9994
Kijun-Sen level : 0.9994
Ichimoku cloud top : 1.0001
Ichimoku cloud bottom : 0.9998
Original strategy :
Bought at 0.9950, Target: 1.0050, Stop: 0.9970
Position : – Long at 0.9950
Target : – 1.0050
Stop : – 0.9970
New strategy :
Hold long entered at 0.9950, Target: 1.0050, Stop: 0.9970
Position : – Long at 0.9950
Target : – 1.0050
Stop : – 0.9970
The greenback has remained confined within near term established range and further sideways trading is in store, however, as long as 0.9970-75 holds, bullishness remains for recent rise to resume after consolidation, above indicated resistance at 1.0029 would bring retest of 1.0038, break there would confirm the rise from 0.9421 low has resumed and extend further gain to 1.0050-55, then towards 1.0075-80 but price should falter below 1.0100 chart resistance.
In view of this, we are holding on to our long position entered at 0.9950. Only below said support at 0.9938-48 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, bring another upmove later.
