USD/CHF – 0.9948
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 0.9942
Kijun-Sen level : 0.9945
Ichimoku cloud top : 0.9945
Ichimoku cloud bottom : 0.9939
New strategy :
Stand aside
Position : –
Target : –
Stop : –
As dollar has rebounded again after holding above indicated support at 0.9918, retaining our view that further consolidation above this week’s low at 0.9893 would be seen and another bounce to 0.9980-85 cannot be ruled out, however, break of 1.0000-08 resistance is needed to signal low is formed at 0.9893, bring rebound to 1.0025-30 (61.8% Fibonacci retracement of 1.0108-0.9893) but price should falter below resistance at 1.0067.
On the downside, only a drop below said support at 0.9918 would signal the rebound from 0.9893 (this week’s low) has ended, bring retest of this level, break there would confirm recent decline from 1.0108 has resumed and extend weakness to 0.9865-70 (2 times extension of 1.0108-1.0008 measuring from 1.0067), however, reckon support at 0.9831 would hold from here, bring rebound later. As near term outlook is still mixed, would be prudent to stand aside for now.
