USD/CHF – 0.9893
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 0.9890
Kijun-Sen level : 0.9904
Ichimoku cloud top : 0.9920
Ichimoku cloud bottom : 0.9896
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 rebounded after falling to 0.9846 last week, as 0.9946 has capped dollar’s upside and the pair has retreated, retaining our bearishness, hence consolidation with downside bias remains for weakness to 0.9860-70 but break there 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 said resistance at 0.9946) would defer and risk test of 0.9970-75 but price should alter below resistance at 0.9987, bring another decline later.
