USD/CHF – 0.9640
Most recent candlesticks pattern : N/A
Trend                                   : Near term up
Tenkan-Sen level                 : 0.9618
Kijun-Sen level                   : 0.9613
Ichimoku cloud top                : 0.9574
Ichimoku cloud bottom             : 0.9528
Original strategy :
Buy at 0.9540, Target: 0.9640, Stop: 0.9505
Position : –
Target :Â –
Stop : –
New strategy :
Sell at 0.9680, Target: 0.9580, Stop: 0.9715
Position : –
Target :Â –
Stop : –
Although the greenback has surged again in NY morning and near term upside risk remains for the rally from 0.9421 low to bring retracement of early decline, overbought condition should limit upside to 0.9680 (previous resistance as well as 38.2% Fibonacci retracement of 1.0100-0.9421) and bring retreat later today or tomorrow, below the Kijun-Sen (now at 0.9613) would bring test of intra-day support at 0.9584 but reckon downside would be limited to 0.9540-45 and the lower Kumo (now at 0.9528) should hold, bring another upmove later.
In view of this, we are inclined to turn short on further subsequent rise. Above 0.9698-99 resistance would extend gain to 0.9725-30 but still reckon upside would be limited and 0.9761-66 (50% Fibonacci retracement of 1.0100-0.9421 and previous resistance) should hold, risk remains for another retreat to take place soon.
