USD/CHF – 0.9980
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 0.9985
Kijun-Sen level : 0.9980
Ichimoku cloud top : 0.9975
Ichimoku cloud bottom : 0.9969
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 recovered 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 1.0020-25 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.
