USD/CHF – 0.9839
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 0.9842
Kijun-Sen level : 0.9832
Ichimoku cloud top : 0.9805
Ichimoku cloud bottom : 0.9803
Original strategy :
Sell at 0.9870, Target: 0.9770, Stop: 0.9905
Position : –
Target : –
Stop : –
New strategy :
Sell at 0.9875, Target: 0.9775, Stop: 0.9910
Position : –
Target : –
Stop : –
Dollar’s rebound after falling to 0.9778 earlier this week suggests consolidation above this level would be seen and marginal gain from here cannot be ruled out, however, reckon upside would be limited to 0.9876 (previous support) and bring another decline later, below 0.9810 would bring a retest of said support at 0.9778, break there would extend recent decline from 1.1038 top towards 0.9730-37 support area but reckon support at 0.9705 would hold from here, bring rebound later.
In view of this, we are looking to sell dollar again on further subsequent 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.
