USD/CHF – 0.9850
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 0.9857
Kijun-Sen level : 0.9857
Ichimoku cloud top : 0.9885
Ichimoku cloud bottom : 0.9854
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 :
Exit long entered at 0.9850,
Position : – Long at 0.9850
Target : –
Stop : –
Despite intra-day brief bounce to 0.9886, the subsequent selloff on dollar’s broad-based weakness dampened our near term bullishness and downside risk remains for the decline from 0.9978 to extend weakness to 0.9795-00, however, reckon downside would be limited to 0.9750 and risk from there has increased for a rebound later due to anticipated oversold condition.
In view of this, would be prudent to exit long entered at 0.9850 and stand aside for now. Only above said resistance at 0.9886 would revive bullishness and signal an intra-day low is formed, bring rebound to 0.9905-10 and later towards resistance at 0.9935-36 which is likely to hold from here.
