USD/CHF – 0.9850
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 0.9843
Kijun-Sen level : 0.9845
Ichimoku cloud top : 0.9837
Ichimoku cloud bottom : 0.9816
Original strategy :
Sell at 0.9885, Target: 0.9785, Stop: 0.9920
Position : –
Target : –
Stop : –
New strategy :
Sell at 0.9885, Target: 0.9785, Stop: 0.9920
Position : –
Target : –
Stop : –
Dollar has traded narrowly today and near term upside risk remains for the rebound from 0.9778 (this week’s low) to bring retracement of recent decline, hence 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 0.9815-20 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.
