USD/CHF – 0.9963
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 0.9972
Kijun-Sen level : 0.9973
Ichimoku cloud top : 1.0021
Ichimoku cloud bottom : 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 rebounded after finding support at 0.9942 on Friday, suggesting consolidation above this level would be seen and corrective bounce to 1.0005-10 (38.2% Fibonacci retracement of 1.0109-0.9942) cannot be ruled out, however, reckon upside would be limited to 1.0025 (50% Fibonacci retracement) and bring another decline later. Below said support at 0.9942 would extend recent decline from 1.0171 to 0.9920-25 but loss of near term downward momentum should prevent sharp fall below 0.9900 and reckon 0.9870-75 would hold from here.
In view of this, would not chase this fall here and would be prudent to sell dollar on recovery as 1.0021 (current level of the upper Kumo) 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.
