USD/CHF – 0.9860
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 0.9854
Kijun-Sen level : 0.9857
Ichimoku cloud top : 0.9887
Ichimoku cloud bottom : 0.9865
Original strategy :
Bought at 0.9850, Target: 0.9950, Stop: 0.9820
Position : – Long at 0.9850
Target : – 0.9950
Stop : – 0.9820
New strategy :
Hold long entered at 0.9850, Target: 0.9950, Stop: 0.9825
Position : – Long at 0.9850
Target : – 0.9950
Stop : – 0.9825
Although the greenback fell marginally to 0.9835 yesterday, 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 holding on to our long position entered at 0.9850. 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.
