USD/CHF – 0.9719
Original strategy :
Buy at 0.9675, Target: 0.9775, Stop: 0.9640
Position : –
Target : –
Stop : –
New strategy :
Buy at 0.9690, Target: 0.9790, Stop: 0.9655
Position : –
Target : –
Stop : –
Although the greenback dropped to as low as 0.9642 yesterday, lack of follow through selling on break of previous resistance at 0.9649 and the subsequent rebound suggest consolidation with mild upside bias would be seen, hence gain towards last week’s high at 0.9748 cannot be ruled out, however, break there is needed to retain bullishness and extend recent rise from 0.9421 low to 0.9761-66 (50% Fibonacci retracement of 1.0100-0.9421 and previous resistance), then test of another previous resistance at 0.9773.
In view of this, we are looking to buy dollar on dips. Below said support at 0.9642 would abort and signal the fall from 0.9748 is still in progress, then further weakness to 0.9620-25 would follow but oversold condition should limit downside to indicated support at 0.9589, bring rebound later.
