USD/CHF – 1.0147
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.0143
Kijun-Sen level : 1.0143
Ichimoku cloud top : 1.0143
Ichimoku cloud bottom : 1.0129
Original strategy :
Buy at 1.0080, Target: 1.0200, Stop: 1.0045
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.0080, Target: 1.0200, Stop: 1.0045
Position : –
Target : –
Stop : –
Although the greenback rebounded after finding support at 1.0123 yesterday, break of this week’s high at 1.0171 is needed to signal recent erratic rise from 0.9861 low has resumed and extend further gain to 1.0200-10 but near term overbought condition should limit upside to 1.0220-25 and price should falter below previous chart resistance at 1.0248. If said resistance at 1.0171 continues to hold, then further consolidation would take place and risk of another retreat to 1.0123 cannot be ruled out, however, reckon downside would be limited to 1.0100 and support at 1.0173 should hold, bring another rise later.
In view of this, would not chase this rise here and would be prudent to buy dollar on subsequent pullback as support at 1.0073 should limit downside. A drop below 1.0065 support would abort and signal top is formed instead, risk weakness to 1.0040-45 but reckon support at 1.0009 would remain intact.
