USD/CHF – 0.9754
Original strategy :
Bought at 0.9685, Target: 0.9785, Stop: 0.9695
Position : – Long at 0.9685
Target :Â – 0.9785
Stop : – 0.9695
New strategy :
Hold long entered at 0.9685, Target: 0.9785, Stop: 0.9710
Position : – Long at 0.9685
Target :Â – 0.9785
Stop : – 0.9710
As the greenback did find renewed buying interest at 0.9681 (we recommended to buy at 0.9685 and a long position was entered) and has rallied in line with our bullish expectation, retaining our upside bias for recent upmove from 0.9421 low to to extend gain to 0.9773 resistance, however, break of this level is needed to bring further rise towards 0.9800-10 which is likely to hold from here due to near term overbought condition.
In view of this, we are holding on to our long position entered at 0.9685. Only below said support at 0.9681 would abort and signal top is formed instead, bring correction of recent rise towards support at 0.9642 which is likely to hold on first testing.
