USD/CHF – 0.9883
Original strategy :
Sell at 1.0020, Target: 0.9920, Stop: 1.0055
Position : –
Target : –
Stop : –
New strategy :
Sell at 0.9960, Target: 0.9860, Stop: 0.9995
Position : –
Target : –
Stop : –
As dollar’s decline has gathered momentum, adding credence to our view that the selloff from 1.0100 top is still in progress, hence further weakness towards support at 0.9859 would be seen, however, break there is needed to retain bearishness and bring subsequent fall towards previous chart support at 0.9813 which is likely to hold from here due to near term oversold condition.
In view of this, would not chase would be prudent to sell dollar on recovery as 0.9960 should limit upside. Above previous support at 0.9987 would defer and suggest an intra-day low is formed instead, risk a stronger rebound to 1.0025 but price should falter below 1.0045-50, bring another decline later.
