USD/CHF – 0.9892
Most recent candlesticks pattern : N/A
Trend                                   : Up
Tenkan-Sen level                 : 0.9877
Kijun-Sen level                   : 0.9870
Ichimoku cloud top                : 0.9854
Ichimoku cloud bottom             : 0.9810
Original strategy :
Buy at 0.9795, Target: 0.9895, Stop: 0.9760
Position : –
Target :Â –
Stop : –
New strategy :
Buy at 0.9795, Target: 0.9895, Stop: 0.9760
Position : –
Target :Â –
Stop : –
As the greenback has surged again after finding renewed buying interest at 0.9838, suggesting recent rise from 0.9421 low is still in progress and bullishness remains for this move to extend further gain to 0.9910-15, then towards 0.9940-50, having said that, near term overbought condition should limit upside and price should falter well below psychological resistance at 1.0000, bring retreat later.
In view of this, we are looking to buy dollar again on pullback as said support at 0.9838 should limit downside and bring another rise. Below the lower Kumo (now at 0.9810) would defer and risk test of support at 0.9796 but only break of latter level would add credence to this view, bring retracement of recent rise to 0.9775-80, however, support at 0.973037 should remain intact.
