USD/CHF – 0.9703
New strategy :
Stand aside
Position : –
Target : –
Stop : –
Despite intra-day brief rise to 0.9738, lack of follow through buying and current retreat suggest downside risk remains and test of support at 0.9676 (Friday’s low) cannot be ruled out, break there would signal the erratic fall from 0.9771 top is still in progress for 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.
