USD/CHF – 0.9508
Most recent candlesticks pattern : N/A
Trend                                   : Near term down
Tenkan-Sen level                 : 0.9508
Kijun-Sen level                   : 0.9558
Ichimoku cloud top                : 0.9564
Ichimoku cloud bottom             : 0.9552
Original strategy :
Sell at 0.9555, target: 0.9455, Stop: 0.9590
Position : –
Target :Â –
Stop : –
New strategy :
Sell at 0.9555, target: 0.9455, Stop: 0.9590
Position : –
Target :Â –
Stop : –
The greenback ran into renewed selling interest at 0.9622 yesterday and has dropped sharply since, confirming recent decline has resumed and bearishness remains for further weakness to 0.9490, then towards 0.9460, however, near term oversold condition should prevent sharp fall below previous support at 0.9440-44, risk from there is seen for a rebound later.
In view of this, we are looking to sell dollar on recovery as the Kijun-Sen (now at 0.9558) should limit upside and bring another decline. Above 0.9580-85 would suggest an intra-day low is formed, bring a stronger rebound towards resistance at 0.9622 which is likely to hold from here.
