USD/CHF – 0.9782
Most recent candlesticks pattern : N/A
Trend                                   : Near term up
Tenkan-Sen level                 : 0.9782
Kijun-Sen level                   : 0.9804
Ichimoku cloud top                : 0.9781
Ichimoku cloud bottom             : 0.9756
Original strategy :
Sold at 0.9705, stopped at 0.9740
Position : – Short at 0.9705
Target :Â –
Stop : – 0.9740
New strategy :
Stand aside
Position : –
Target :Â –
Stop : –
Despite surging to 0.9837 on Friday, the subsequent retreat in NY suggests top has possibly been formed there and consolidation with mild downside bias is seen for weakness to 0.9750-55 (50% Fibonacci retracement of 0.9670-0.9837), however, break of 0.9730-35 (61.8% Fibonacci retracement) is needed to add credence to this view, bring further fall towards support at 0.9710 which is likely to hold on first testing.
On the upside, whilst recovery to 0.9805-10 cannot be ruled out, reckon said resistance at 0.9837 would hold and bring another retreat later. Above said resistance at 0.9837 would shift risk back to upside and signal the rise from 0.9421 low is still in progress, then gain to 0.9875-80 would follow but reckon 0.9900 would hold from here. As near term outlook is mixed, would be prudent to stand aside for now.
