USD/CHF – 0.9965
Most recent candlesticks pattern : N/A
Trend : Up
Tenkan-Sen level : 0.9981
Kijun-Sen level : 0.9981
Ichimoku cloud top : 0.9999
Ichimoku cloud bottom : 0.9992
Original strategy :
Bought at 0.9950, stopped profit at 0.9970
Position : – Long at 0.9950
Target : –
Stop : – 0.9970
New strategy :
Stand aside
Position : –
Target : –
Stop : –
The greenback has retreated again after faltering below resistance at 1.0020, dampening our bullishness and near term choppy trading is likely to continue, hence downside risk is seen for test of 0.9938 support, break there would signal top has been formed at 1.0038 earlier, bring retracement of recent rise 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.
As near term outlook is mixed, would be prudent to stand aside in the meantime. Above 1.0020 would bring test of 1.0038 but break there is needed to 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.
