USD/CHF – 0.9943
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 0.9948
Kijun-Sen level : 0.9939
Ichimoku cloud top : 0.9950
Ichimoku cloud bottom : 0.9945
New strategy :
Stand aside
Position : –
Target : –
Stop : –
Although dollar retreated yesterday to as low as 0.9918, as the greenback has rebounded today, retaining our view that further sideways trading above this week’s low at 0.9893 would take place and another bounce to 0.9981 cannot be ruled out, however, break of 1.0000-08 resistance is needed to signal low is formed instead, bring rebound to 1.0025-30 (61.8% Fibonacci retracement of 1.0108-0.9893), however, price should falter below resistance at 1.0067.
As near term outlook is still mixed, would be prudent to stand aside in the meantime. Below said support at 0.9918 would bring retest of 0.9893 but break there is needed to confirm recent decline from 1.0108 has resumed and extend weakness to 0.9865-70 (2 times extension of 1.0108-1.0008 measuring from 1.0067), however, reckon support at 0.9831 would hold from here, bring rebound later.
