USD/CHF – 0.9503
Original strategy :
Sold at 0.9570, stopped at break-even
Position : – Short at 0.9570
Target :Â –
Stop : – 0.9570
New strategy :
Stand aside
Position : –
Target :Â –
Stop : –
Although the greenback slipped to 0.9490 earlier today, renewed buying interest emerged and dollar has rallied from there, dampening our bearishness and suggesting a test of resistance at 0.9622 would be seen, however, break there is needed to confirm a temporary low has been formed at 0.9438, bring retracement of recent decline to 0.9655-60 but price should falter well below resistance at 0.9701.
In view of this, would not chase this rise here and would be prudent to stand aside in the meantime. Below 0.9580 would bring test of the Kijun-Sen (now at 0.9556) but break there is needed to signal an intra-day top is formed, bring weakness to the lower Kumo (now at 0.9521) but said support at 0.9490 should remain intact.
