USD/CHF – 0.9754
Original strategy :
Bought at 0.9790, stopped at 0.9755
Position : – Long at 0.9790
Target :Â –
Stop : – 0.9755
New strategy :
Stand aside
Position : –
Target :Â –
Stop : –
Despite rising to 0.9837, the greenback failed to penetrate this resistance and has retreated sharply, dampening our bullishness and signaling recent upmove is not ready to resume yet, hence near term downside risk remains for weakness to 0.9730 support, however, as broad outlook remains consolidative, reckon downside would be limited and support at 0.9705 should hold from here, bring rebound later.
On the upside, expect recovery to be limited to the Kijun-Sen (now at 0.9787) and reckon 0.9810 would hold and bring another decline later. Above 0.9810 would bring a retest of said strong resistance at 0.9837 but break there is needed to confirm recent rise from 0.9421 low has resumed for headway to 0.9870 and possibly towards 0.9900. As near term outlook is mixed, would be prudent to stand aside for now.
