USD/CHF – 0.9902
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 0.9923
Kijun-Sen level : 0.9917
Ichimoku cloud top : 0.9909
Ichimoku cloud bottom : 0.9884
Original strategy :
Sold at 0.9935, Target: 0.9835, Stop: 0.9950
Position : – Short at 0.9935
Target : – 0.9835
Stop : – 0.9950
New strategy :
Hold short entered at 0.9935, Target: 0.9835, Stop: 0.9950
Position : – Short at 0.9935
Target : – 0.9835
Stop : – 0.9950
Although the greenback staged a strong rebound after falling to 0.9846 earlier this week, dollar’s broad-based weakness should prevent sharp move from here and reckon 0.9945-50 would limit upside, bring retreat later, below 0.9900 would bring weakness to 0.9875-80 but break of latter level is needed do signal the rebound from 0.9846 has ended, bring retest of this level first. Once this level is penetrated, this would signal the erratic decline from 1.0038 top has resumed for at least a retracement of early upmove to previous resistance at 0.9837, break below there would encourage for subsequent decline towards 0.9795-00.
In view of this, we are holding on to our short position entered at 0.9935. Above 0.9945-50 would defer and risk test of 0.9970-75 but price should alter below resistance at 0.9987, bring another decline later.
