USD/CHF – 0.9691
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 0.9697
Kijun-Sen level : 0.9698
Ichimoku cloud top : 0.9726
Ichimoku cloud bottom : 0.9717
New strategy :
Stand aside
Position : –
Target : –
Stop : –
Last week’s selloff below previous support at 0.9695 signals the erratic fall from 0.9771 top is still in progress and near term downside risk remains for this move to bring retracement of recent rise, hence further weakness to 0.9660 would be seen, however, as broad outlook remains consolidative, still reckon downside would be limited to 0.9641 support, risk from there is seen for another rise to take place later.
On the upside, expect recovery to be limited to resistance at 0.9720 and price should falter below resistance at 0.9743, bring another decline later. Only a firm break above resistance at 0.9743 would revive bullishness and signal low is formed, bring test of 0.9766-71 resistance first. Once this resistance is penetrated, this would confirm recent rise from 0.9613 low has resumed for test of resistance at 0.9808, then towards another previous resistance at 0.9825.
