USD/CHF – 0.9598
Original strategy :
Sell at 0.9660, Target: 0.9550, Stop: 0.9695
Position : –
Target : –
Stop : –
New strategy :
Sell at 0.9645, Target: 0.9545, Stop: 0.9680
Position : –
Target : –
Stop : –
The greenback has remained under pressure after yesterday’s selloff below previous chart support at 0.9613, adding credence to our bearish view that the decline from 0.9771 top is still in progress and downside bias remains for further weakness towards 0.9550, however, reckon downside would be limited to 0.9525-30 (50% projection of 1.10100-0.9613 measuring from 0.9771) and 0.9500 should hold, price should stay above 0.9470 (61.8% projection), bring rebound later.
In view of this, would not chase this fall here and we are looking to sell dollar on recovery as previous support at 0.9676 should turn into resistance and limit dollar’s upside, bring another decline. Above another previous support at 0.9692 would defer and risk a stronger rebound to 0.9715-20 but only break of resistance at 0.9738-43 would signal low is formed.
