USD/CHF – 0.9633
Most recent candlesticks pattern : N/A
Trend                                   : Near term up
Tenkan-Sen level                 : 0.9662
Kijun-Sen level                   : 0.9658
Ichimoku cloud top                : 0.9598
Ichimoku cloud bottom             : 0.9552
Original strategy :
Sold at 0.9680, Target: 0.9580, Stop: 0.9705
Position : – Short at 0.9680
Target :Â – 0.9580
Stop : – 0.9705
New strategy :
Hold short entered at 0.9680, Target: 0.9580, Stop: 0.9680
Position : – Short at 0.9680
Target :Â – 0.9580
Stop : – 0.9680
Although the greenback surged to as high as 0.9705 yesterday, the subsequent retreat has retained our near term bearishness and consolidation with mild downside bias is seen for weakness to 0.9595-00 (38.2% Fibonacci retracement of 0.9421-0.9705), however, break of 0.9560-65 (50% Fibonacci retracement) is needed to signal top is formed, bring further fall towards 0.9525-30 (61.8% Fibonacci retracement).
In view of this, we are holding on to our short position entered at 0.9680. Only above said resistance at 0.9705 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.
