USD/CHF – 0.9892
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 0.9899
Kijun-Sen level : 0.9905
Ichimoku cloud top : 0.9885
Ichimoku cloud bottom : 0.9880
Original strategy :
Bought at 0.9870, Target: 0.9970, Stop: 0.9870
Position : – Long at 0.9870
Target : – 0.9970
Stop : – 0.9870
New strategy :
Hold long entered at 0.9870, Target: 0.9970, Stop: 0.9870
Position : – Long at 0.9870
Target : – 0.9970
Stop : – 0.9870
Although the greenback has retreated again after meeting resistance at 0.9935 on Friday and consolidation below this level would be seen, as long as 0.9865-70 holds, mild upside bias remains for another rebound, above resistance at 0.9935-36 would signal low is formed at 0.9840 last week, bring further rise towards resistance at 0.9978, however, only break there would confirm recent upmove has resumed and extend headway to psychological resistance at 1.0000.
In view of this, we are holding on to our long position entered at 0.9870. Only below said support at 0.9840 would extend the fall from 0.9978 top for retracement of recent rise to 0.9820, then towards 0.9790-95, having said that, near term oversold condition should limit downside and price should stay above 0.9755-60, bring rebound later.
