USD/CHF – 0.9860
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 0.9850
Kijun-Sen level : 0.9859
Ichimoku cloud top : 0.9899
Ichimoku cloud bottom : 0.9898
New strategy :
Buy at 0.9850, Target: 0.9950, Stop: 0.9820
Position : –
Target : –
Stop : –
Although the greenback fell marginally to 0.9835, lack of follow through selling and current rebound from 0.9835 suggest consolidation with mild upside bias is seen for gain to 0.9880, then 0.9900, however, break of resistance at 0.9935-36 is needed to signal low is formed, bring a stronger rebound to 0.9950-55 but price should falter well below resistance at 0.9978, bring retreat later.
In view of this, we are looking to buy dollar on dips. Below 0.9825-30 (61.8% Fibonacci retracement of 0.9735-0.9978) would signal the fall from 0.9978 top is still in progress and may extend further fall to 0.9795-00 and possibly towards 0.9775-80.
