USD/CHF – 0.9833
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 0.9824
Kijun-Sen level : 0.9814
Ichimoku cloud top : 0.9803
Ichimoku cloud bottom : 0.9798
Original strategy :
Sell at 0.9855, Target: 0.9745, Stop: 0.9890
Position : –
Target : –
Stop : –
New strategy :
Sell at 0.9870, Target: 0.9770, Stop: 0.9905
Position : –
Target : –
Stop : –
As dollar has rebounded after falling to 0.9778 yesterday, suggesting consolidation above this level would be seen, however, reckon upside would be limited to 0.9846 (previous support) and 0.9860-70 should hold, bring another decline later, below said support at 0.9778 would extend recent decline from 1.1038 top towards 0.9730-37 support area but 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 0.9876 should turn into resistance and limit upside. Only break of 0.9895-00 would defer and signal a temporary low is formed instead, bring a stronger rebound to 0.9920 but price should falter well below resistance at 0.9947.
