USD/CHF – 0.9578
Original strategy :
Sold at 0.9680, met target at 0.9580\
Position : – Short at 0.9680
Target :Â – 0.9580
Stop : –
New strategy :
Stand aside
Position : –
Target :Â –
Stop : –
As the greenback has slipped again after meeting renewed selling interest at 0.9648 earlier today, justifying out view that top has been formed at 0.9705 yesterday and our short position entered at 0.9680 just met our downside target at 0.9580 (with 100 points profit) in NY morning, this anticipated decline signals the rise from 0.9421 low has ended at 0.9705 yesterday and mild downside bias remains for weakness to 0.9560-63 (50% Fibonacci retracement of 0.9421-0.9705) but reckon 0.9525-30 (61.8% Fibonacci retracement) would hold.
As we have taken profit on our short position entered at 0.9680, would not chase this fall here and would be prudent to stand aside in the meantime. Above the Kijun-Sen (now at 0.9621) would bring another bounce to 0.9648 but break there is needed to signal an intra-day low is formed, bring test of 0.9670-75 later.
