USD/CHF – 1.0050
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.0045
Kijun-Sen level : 1.0047
Ichimoku cloud top : 1.0045
Ichimoku cloud bottom : 1.0042
Original strategy :
Buy at 0.9950, Target: 1.0050, Stop: 0.9915
Position : –
Target : –
Stop : –
New strategy :
Buy at 0.9950, Target: 1.0050, Stop: 0.9915
Position : –
Target : –
Stop : –
The greenback remained confined within near term established range and further sideways trading is in store before recent rise from last week’s low at 0.9813 resumes, above resistance at 1.0079 would extend further gain to previous resistance at 1.0109, however, loss of upward momentum should prevent sharp move beyond latter level and reckon 1.0140-50 would hold, risk from there has increased for a retreat to take place later.
In view of this, would not chase this rise here and would be prudent to buy dollar on pullback as support at 0.9948 should limit downside. Below 0.9925-30 would abort and signal top is formed instead, bring correction to 0.9905-10 but reckon previous resistance at 0.9869 would hold from here.
