USD/CHF – 0.9902
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 0.9911
Kijun-Sen level : 0.9924
Ichimoku cloud top : 0.9951
Ichimoku cloud bottom : 0.9927
Original strategy :
Buy at 0.9860, Target: 0.9970, Stop: 0.9825
Position : –
Target : –
Stop : –
New strategy :
Buy at 0.9860, Target: 0.9970, Stop: 0.9825
Position : –
Target : –
Stop : –
As the greenback has retreated again after rising to 0.9780, suggesting consolidation below this level would be seen and pullback to 0.9885 (38.2% Fibonacci retracement of 0.9735-0.9978), however, reckon 0.9855-60 (50% Fibonacci retracement) would hold and bring another rise later, above 0.9950 would suggest the retreat from 0.9978 has ended, bring retest of this level, break there would signal recent upmove has resumed and extend gain to 1.0000 but price should falter below recent high at 1.0038.
In view of this, would not chase this rise here and we are looking to buy dollar on subsequent pullback as 0.9855 support should contain downside. Only below 0.9825-30 (61.8% Fibonacci retracement of 0.9735-0.9978) would abort and signal top has been formed, bring further fall to 0.9800.
