USD/CHF – 0.9743
Original strategy :
Bought at 0.9705, Target: 0.9805, Stop: 0.9690
Position : – Long at 0.9705
Target :Â – 0.9805
Stop : – 0.9690
New strategy :
Hold long entered at 0.9705, Target: 0.9805, Stop: 0.9690
Position : – Long at 0.9705
Target :Â – 0.9805
Stop : – 0.9690
As the greenback found renewed buying interest at 0.9695 and staged a strong rebound, retaining our bullishness and suggesting the pullback from 0.9771 has ended there, hence upside bias remains for a retest of said resistance, break there would extend recent rise from 0.9613 low to resistance at 0.9808 but reckon previous resistance at 0.9825 would hold from here due to near term overbought condition, bring retreat later.
In view of this, we are holding on to our long position entered at 0.9705. Below said support at 0.9695 would defer and risk weakness towards said support at 0.9641 but only break there would abort and revive bearishness, this would also suggest the rebound from 0.9613 has ended instead, bring retest of this level later.
