USD/CHF – 0.9683
Most recent candlesticks pattern : N/A
Trend                                   : Near term up
Tenkan-Sen level                 : 0.9695
Kijun-Sen level                   : 0.9715
Ichimoku cloud top                : 0.9730
Ichimoku cloud bottom             : 0.9718
Original strategy :
Bought at 0.9725, stopped at 0.9690
Position : – Long at 0.9725
Target :Â –
Stop : – 0.9690
New strategy :
Sell at 0.9725, Target: 0.9625, Stop: 0.9760
Position : –
Target :Â –
Stop : –
Although the greenback extended recent rise from 0.9438 to 0.9772, lack of follow through buying on break of previous resistance at 0.9765 and the subsequent retreat suggest top is possibly formed there and consolidation with mild downside bias is seen for weakness to 0.9645 (38.2% Fibonacci retracement of 0.9438-0.9773), however, break of support at 0.9631 is needed to add credence to this view, bring further fall towards 0.9605-10 (50% Fibonacci retracement).
In view of this, we are looking to sell dollar on recovery as 0.9730-35 should limit upside. Only break of yesterday’s high at 0.9773 would abort and revive bullishness for the rise from 0.9438 to extend gain to 0.9800-10.Â
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