USD/CHF – 0.9820
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 0.9819
Kijun-Sen level : 0.9858
Ichimoku cloud top : 0.9916
Ichimoku cloud bottom : 0.9913
Original strategy :
Sold at 0.9935, met target at 0.9835
Position : – Short at 0.9935
Target : – 0.9835
Stop : –
New strategy :
Sell at 0.9865, Target: 0.9765, Stop: 0.9900
Position : –
Target : –
Stop : –
Dollar’s decline accelerated yesterday after breaking previous support at 0.9876 and 0.9846, adding credence to our bearish view, our short position entered at 0.9935 met downside target at 0.9835 (with 100 points profit) and downside bias remains for the decline from 1.0038 top to extend further weakness to 0.9800, then 0.9770, however, oversold condition should prevent sharp fall below 0.9740-50 and bring rebound later.
In view of this, we are looking to sell dollar again on recovery as 0.9875-80 should limit upside and bring another decline. Above 0.9900 would defer and suggest low is possibly formed, bring rebound to 0.9920-25 burt resistance at 0.9947 should remain intact, bring another decline.
