USD/CHF – 1.0088
Most recent candlesticks pattern : N/A
Trend                                   : Near term up
Tenkan-Sen level                 : 1.0085
Kijun-Sen level                   : 1.0072
Ichimoku cloud top                : 1.0054
Ichimoku cloud bottom             : 0.9987
Original strategy :
Buy at 1.0015, Target: 1.0115, Stop: 0.9980
Position : –
Target :Â –
Stop : –
New strategy :
Buy at 1.0005, Target: 1.0105, Stop: 0.9970
Position : –
Target :Â –
Stop : –
As the greenback has retreated after marginal rise to 1.0100, suggesting recent upmove is not ready to resume yet and further consolidation below previous resistance at 1.0108 would be seen, hence consolidation with initial downside risk is seen for test of 1.0048, however, reckon 1.0000-10 (38.2% Fibonacci retracement of 0.9859-1.0100) would limit downside and bring another rise later, above said resistance at 1.0108 would confirm resumption of early rise to 1.0130 and then 1.0150-55 which is likely to hold from here due to loss of near term upward momentum.Â
In view of this, would not chase this rise here and we are looking to buy dollar on pullback as 1.0000-10 should limit downside. Below 0.9980 (50% Fibonacci retracement of 0.9859-1.0100) would defer and suggest top is possibly formed but break of previous resistance at 0.9957 is needed to signal top is formed, bring further fall to 0.9920-25, however, previous resistance at 0.9903 should remain intact.
