USD/CHF – 0.9870
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 0.9882
Kijun-Sen level : 0.9894
Ichimoku cloud top : 0.9930
Ichimoku cloud bottom : 0.9912
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: 0.9920
Position : – Short at 0.9935
Target : – 0.9835
Stop : – 0.9920
As the greenback has retreated after meeting renewed selling interest at 0.9947 yesterday, adding credence to our view that the rebound from 0.9846 low has ended at 0.9947, hence bearishness remains for a retest of 0.9846, once this level is penetrated, this would confirm 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 0.9947 would defer and risk test of 0.9970-75 but price should alter below resistance at 0.9987, bring another decline later.
