USD/CHF – 0.9794
New strategy :
Stand aside
Position : –
Target :Â –
Stop : –
The greenback found renewed buying interest at 0.9730 and has staged another rebound, current break of resistance at 0.9772 suggests low has possibly been formed at 0.9705 last week and consolidation with mild upside bias is seen for gain to 0.9808 resistance but break there is needed to signal the fall from 0.9837 has ended instead, bring retest of this level which is likely to hold from here.
In view of this, would not chase this rise here and would be prudent to stand aside in the meantime. Below 0.9750 would bring test of said support at 0.9730 but break there is needed to signal the rebound from 0.9705 has ended, bring retest of this level. Once this support is penetrated, this would revive bearishness and extend the fall from 0.9837 to 0.9669-70 (61.8% Fibonacci retracement of 0.9565-0.9837 and previous support) but previous support at 0.9642 should remain intact.
