USD/CHF – 0.9589
Original strategy :
Sell at 0.9645, Target: 0.9545, Stop: 0.9680
Position : –
Target :Â –
Stop : –
New strategy :
Sell at 0.9645, Target: 0.9545, Stop: 0.9680
Position : –
Target :Â –
Stop : –
As the greenback has recovered after falling to 0.9561, suggesting minor consolidation would be seen and recovery to 0.9605-10 cannot be ruled out, however, reckon upside would be limited to resistance at 0.9647 and bring another decline, below said support at 0.9579 would signal the decline from 0.9771 top is still in progress and may extend weakness to 0.9545-50 (2 times extension of 0.9771-0.9676 measuring from 0.9738) but 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.Â
In view of this, would not chase this fall here and we are looking to sell dollar on recovery as resistance at 0.9647 should limit upside. Only above previous support at 0.9676 (now resistance) would defer and suggest a temporary low is formed, risk test of another previous support at 0.9692.Â
