USD/CHF – 0.9825
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 0.9833
Kijun-Sen level : 0.9849
Ichimoku cloud top : 0.9844
Ichimoku cloud bottom : 0.9840
Original strategy :
Sold at 0.9860, Target: 0.9760, Stop: 0.9890
Position : – Short at 0.9860
Target : – 0.9760
Stop : – 0.9890
New strategy :
Hold short entered at 0.9860, Target: 0.9760, Stop: 0.9885
Position : – Short at 0.9860
Target : – 0.9760
Stop : – 0.9885
Dollar ran into renewed selling interest at 0.9882 and has retreated, suggesting top is possibly formed there and consolidation with downside bias is seen for weakness to 0.9800, however, break of this week’s low at 0.9778 is needed to confirm recent decline from 1.0038 top has resumed and extend weakness towards 0.9730-37 support area but reckon support at 0.9705 would hold from here.
In view of this, we are holding on to our short position entered at 0.9860. 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.
