USD/CHF – 0.9821
Original strategy :
Buy at 0.9770, Target: 0.9870, Stop: 0.9735
Position : –
Target : –
Stop : –
New strategy :
Buy at 0.9790, Target: 0.9890, Stop: 0.9755
Position : –
Target : –
Stop : –
Dollar’s rally after finding renewed buying interest at 0.9730 signals low has been formed at 0.9705 late last week and mild upside bias remains for test of strong resistance at 0.9837, however, break there is needed to retain bullishness and confirm recent rise from 0.9421 low has resumed for headway to 0.9870 and possibly towards 0.9900.
In view of this, would not chase this rise here and would be prudent to buy dollar on pullback as 0.9785-90 should limit downside. Only a break below support at 0.9730 would abort and signal the rebound from 0.9705 has ended, bring retest of this level.
