USD/CHF – 0.9785
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 0.9795
Kijun-Sen level : 0.9800
Ichimoku cloud top : 0.9852
Ichimoku cloud bottom : 0.9816
Original strategy :
Sell at 0.9865, Target: 0.9765, Stop: 0.9900
Position : –
Target : –
Stop : –
New strategy :
Sell at 0.9835, Target: 0.9735, Stop: 0.9870
Position : –
Target : –
Stop : –
As dollar has remained under pressure after last week’s selloff, adding credence to our bearish view that top has been formed at 1.1038 and bearishness remains for the decline from there to extend weakness to 0.9730-37 support area, however, near term oversold condition should limit downside and reckon support at 0.9705 would hold from here, bring rebound later.
In view of this, we are looking to sell dollar again on recovery as previous support at 0.9846 should turn into resistance and limit upside. Only break of 0.9875-80 would defer and signal a temporary low is formed instead, bring test of 0.9899 but price should falter well below resistance at 0.9947.
