USD/CHF – 0.9625
Most recent candlesticks pattern : N/A
Trend                                   : Near term down
Tenkan-Sen level                 : 0.9636
Kijun-Sen level                   : 0.9619
Ichimoku cloud top                : 0.9584
Ichimoku cloud bottom             : 0.9576
Original strategy :
Buy at 0.9600, Target: 0.9700, Stop: 0.9565
Position : –
Target :Â –
Stop : –
New strategy :
Buy at 0.9590, Target: 0.9690, Stop: 0.9555
Position : –
Target :Â –
Stop : –
As the greenback staged a strong rebound after finding good support at 0.9552, suggesting a temporary low has been formed there and consolidation with mild upside bias is seen for this move to bring retracement of recent decline, hence gain to 0.9667-76 (61.8% Fibonacci retracement of 0.9738-0.9552 and previous support turned resistance) is likely, however, reckon upside would be limited to 0.9700 and price should falter below resistance at 0.9738.
In view of this, we are looking to turn long on pullback as the upper Kumo (now at 0.9584) 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.
