USD/CHF – 0.9967
Original strategy :
Sell at 1.0050, Target: 0.9950, Stop: 1.0085
Position : –
Target :Â –
Stop : –
New strategy :
Sell at 1.0030, Target: 0.9930, Stop: 1.0065
Position : –
Target :Â –
Stop : –
As the greenback has fallen again after brief recovery, suggesting the decline from 1.0171 top is still in progress and bearishness remains for further weakness to 0.9930-35, however, loss of near term downward momentum should prevent sharp fall below 0.9900, risk from there has increased for a strong rebound later.
In view of this, would not chase this fall here and would be prudent to sell dollar on recovery as the Kijun-Sen (now at 1.0030) should limit upside and bring another decline. Only above previous support at 1.0060 (now resistance) would abort and signal low is formed instead, risk rebound to 1.0090-95 first.
