USD/CHF – 0.9633
Most recent candlesticks pattern : N/A
Trend                                   : Near term down
Tenkan-Sen level                 : 0.9612
Kijun-Sen level                   : 0.9600
Ichimoku cloud top                : 0.9600
Ichimoku cloud bottom             : 0.9576
Original strategy :
Sell at 0.9645, Target: 0.9545, Stop: 0.9680
Position : –
Target :Â –
Stop : –
New strategy :
Buy at 0.9600, Target: 0.9700, Stop: 0.9565
Position : –
Target :Â –
Stop : –
As the greenback has continued moving higher after staging a strong rebound from 0.9552, suggesting a temporary low is possibly formed there and consolidation with upside bias is seen for further gain to 0.9645-47 (50% Fibonacci retracement of 0.9738-0.9552 and previous resistance), then 0.9676 (previous support turned resistance), however, break of latter level is needed to add credence to this view, bring further gain to 0.9700 but price should falter below resistance at 0.9738.
In view of this, we are looking to turn long on pullback as the Kijun-Sen (now at 0.9600) should limit downside and bring another rise later. Below the lower Kumo (now at 0.9576) would abort and signal intra-day top is formed, risk retest of 0.9552 first.
