USD/CHF – 0.9880
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 0.9886
Kijun-Sen level : 0.9888
Ichimoku cloud top : 0.9976
Ichimoku cloud bottom : 0.9869
Original strategy :
Bought at 0.9870, Target: 0.9970, Stop: 0.9835
Position : – Long at 0.9870
Target : – 0.9970
Stop : – 0.9835
New strategy :
Hold long entered at 0.9870, Target: 0.9970, Stop: 0.9835
Position : – Long at 0.9870
Target : – 0.9970
Stop : – 0.9835
Although the greenback retreated after meeting resistance at 0.9905 yesterday and consolidation would be seen, as long as yesterday’s low at 0.9840 holds, mild upside bias remains for another rebound, above 0.9905 would extend gain to 0.9935-40 but break there is needed to retain bullishness and signal low is formed, bring further rise towards resistance at 0.9978, however, only break there is confirm recent upmove has resumed and extend headway to psychological resistance at 1.0000.
In view of this, we are holding on to our long position entered at 0.9870. Below said support at 0.9840 would extend the fall from 0.9978 top for retracement of recent rise to 0.9820, then towards 0.9790-95, having said that, near term oversold condition should limit downside and price should stay above 0.9755-60, bring rebound later.
