USD/CHF – 0.9857
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 0.9861
Kijun-Sen level : 0.9858
Ichimoku cloud top : 0.9839
Ichimoku cloud bottom : 0.9826
Original strategy :
Sell at 0.9885, Target: 0.9785, Stop: 0.9920
Position : –
Target : –
Stop : –
New strategy :
Sell at market level, Target: 0.9760, Stop: 0.9890
Position : –
Target : –
Stop : –
Dollar only edged higher to 0.9882 before retreating again (just missed our short entry at 0.9885), suggesting consolidation with downside bias would be seen and test of support at 0.9819 is likely, however, a firm break below there is needed to signal the rebound from 0.9778 has ended, bring a retest of this support, 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.
In view of this, we are looking to sell dollar here. 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.
