USD/CHF – 0.9954
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 0.9944
Kijun-Sen level : 0.9936
Ichimoku cloud top : 0.9936
Ichimoku cloud bottom : 0.9917
Original strategy :
Sell at 1.0000, Target: 0.9900, Stop: 1.0035
Position : –
Target : –
Stop : –
New strategy :
Sell at 1.0000, Target: 0.9900, Stop: 1.0035
Position : –
Target : –
Stop : –
As the greenback has continued edging higher after rebounding from 0.9882, retaining our view that further consolidation above this week’s low at 0.9882 would be seen and recovery to 0.9980 cannot be ruled out, however, reckon upside would be limited to 0.9992 (38.2% Fibonacci retracement of 1.0171-0.9882) and resistance at 1.0003 should hold, bring retreat later. Below support at 0.9912 would suggest the rebound from 0.9882 has ended, bring another test of this level, break there would extend recent decline to 0.9850 but loss of downward momentum should prevent sharp fall below 0.9825-30.
In view of this, we are looking to sell dollar on further subsequent rebound as resistance at 1.0003 should limit upside and bring another decline. Only above previous support at 1.0060 (now resistance) would abort and signal low is formed instead, risk rebound to 1.0090-95 first.
