USD/CHF – 0.9905
New strategy :
Stand aside
Position : –
Target :Â –
Stop : –
Although the greenback retreated after faltering below resistance at 0.9969 and retest of indicated strong support at 0.9893 cannot be ruled out, a firm break below there is needed to confirm recent decline from 1.0108 top has resumed and extend weakness to 0.9865-70 (2 times extension of 1.0108-1.0008 measuring from 1.0067), however, support at 0.9831 would hold from here, bring rebound later.
If said support at 0.9893 continues to hold, then further choppy trading within 0.9893-0.9981 range would take place and another bounce to 0.9966-69 cannot be ruled out but said upper range at 0.9981 should limit upside, bring retreat. Only a break of 1.0000-08 resistance would confirm a temporary low has been formed at 0.9893, bring retracement of recent decline to 1.0025-30 (61.8% Fibonacci retracement of 1.0108-0.9893) but price should falter well below resistance at 1.0067. As near term outlook is still mixed, would be prudent to stand aside for now.
