USD/CHF – 0.9630
Most recent candlesticks pattern : N/A
Trend                                   : Near term down
Tenkan-Sen level                 : 0.9642
Kijun-Sen level                   : 0.9651
Ichimoku cloud top                : 0.9662
Ichimoku cloud bottom             : 0.9648
Original strategy :
Buy at 0.9600, Target: 0.9700, Stop: 0.9565
Position : –
Target :Â –
Stop : –
New strategy :
Buy at 0.9585, Target: 0.9685, Stop: 0.9550
Position : –
Target :Â –
Stop : –
As the greenback retreated after rising to 0.9688, suggesting consolidation below this level would be seen and pullback to 0.9621 support cannot be ruled out, however, if our view that low has been formed at 0.9552 is correct, downside would be limited to 0.9585-90 and bring another rebound later, above said resistance would extend the rise from 0.9552 low for retracement of recent decline to 0.9700 but reckon upside would be limited and price should falter below resistance area at 0.9738-43.
In view of this, would not chase this rise here and we are looking to buy dollar on pullback as 0.9585-90 should limit downside and bring another rise later. Below 0.9560-65 would abort and signal intra-day top is formed, risk retest of 0.9552, then towards 0.9525-30.
