USD/CHF – 0.9737
New strategy :
Stand aside
Position : –
Target : –
Stop : –
Although the greenback has edged higher after rebound from Friday’s low of 0.9668 and marginal gain from here cannot be ruled out, break of last week’s high at 0.9748 is needed to signal recent rise from 0.9421 low has resumed and extend gain to 0.9761-66 (50% Fibonacci retracement of 1.0100-0.9421 and previous resistance), then test of another previous resistance at 0.9773.
On the downside, below said support at 0.9668 would extend weakness to previous minor resistance at 0.9649 but break there is needed to signal top has been formed, bring further fall to 0.9620, however, price should stay well above indicated support at 0.9589, bring rebound later. As near term outlook is still mixed, would be prudent to stand aside for now.
