USD/CHF – 0.9564
Most recent candlesticks pattern : N/A
Trend                                   : Down
Tenkan-Sen level                 : 0.9571
Kijun-Sen level                   : 0.9562
Ichimoku cloud top                : 0.9575
Ichimoku cloud bottom             : 0.9571
Original strategy :
Buy at 0.9500, Target: 0.9600, Stop: 0.9465
Position : –
Target :Â –
Stop : –
New strategy :
Buy at 0.9500, Target: 0.9600, Stop: 0.9465
Position : –
Target :Â –
Stop : –
As the greenback has continued trading within familiar range, further sideways trading is in store and although initial downside risk remains for weakness to 0.9520-25, if our view that low has been formed at 0.9428 last week is correct, downside would be limited to 0.9500 and bring another rebound later. Above 0.9615-20 would suggest low is possibly formed, bring test of 0.9653-55 resistance, break there would bring another rise to 0.9680 but break there is needed to add credence to this view and extend gain to resistance at 0.9698-99.Â
In view of this, we are inclined to buy dollar on further subsequent decline. Below 0.9490-00 would risk weakness to 0.9470 but still reckon downside would be limited to 0.9450 and said support at 0.9428 should remain intact, bring another rebound later.
