USD/CHF – 1.0052
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.0061
Kijun-Sen level : 1.0065
Ichimoku cloud top : 1.0080
Ichimoku cloud bottom : 1.0067
Original strategy :
Buy at 1.0000, Target: 1.0100, Stop: 0.9965
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.0000, Target: 1.0100, Stop: 0.9965
Position : –
Target : –
Stop : –
Dollar has slipped again in NY morning, adding credence to our view that temporary top has been formed at 1.0108 on Monday and consolidation below this level would be seen and initial downside bias is for pullback towards support at 1.0026, however, reckon 0.9995 support would contain weakness and bring another rise later, above 1.0085-90 would bring test of indicated resistance at 1.0108-09 but break there is needed to extend recent upmove from 0.9813 towards 1.0140-45 but loss of upward momentum should prevent sharp move beyond another previous resistance at 1.0171.
In view of this, would not chase this rise here and would be prudent to buy dollar on subsequent pullback as support at 0.9995 should limit downside. Below 0.9970 (50% Fibonacci retracement of 0.9831-1.0108) would abort and signal top is formed instead, bring correction to support at 0.9948.
