USD/CHF – 0.9756
Original strategy :
Bought at 0.9700, Target: 0.9800, Stop: 0.9700
Position : – Long at 0.9700
Target : – 0.9800
Stop : – 0.9700
New strategy :
Hold long entered at 0.9700, Target: 0.9800, Stop: 0.9700
Position : – Long at 0.9700
Target : – 0.9800
Stop : – 0.9700
As the greenback has rebounded after holding above this week’s low at 0.9692, retaining our view that further consolidation above this level would be seen and mild upside bias remains for another rebound to 0.9790-00, however, break of resistance at 0.9825 is needed to low is formed, bring retracement of recent decline to previous resistance at 0.9851 which is likely to hold from here.
In view of this, we are holding on to our long position entered at 0.9700. Below said support at 0.9692 would signal recent decline has resumed and extend weakness to 0.9670-75 but reckon downside would be limited to 0.9650 and 0.9620-25 should hold, bring another rebound later.
