USD/CHF – 0.9720
Most recent candlesticks pattern : N/A
Trend                                   : Near term up
Tenkan-Sen level                 : 0.9725
Kijun-Sen level                   : 0.9739
Ichimoku cloud top                : 0.9772
Ichimoku cloud bottom             : 0.9757
Original strategy :
Sell at 0.9760, Target: 0.9660, Stop: 0.9795
Position : –
Target :Â –
Stop : –
New strategy :
Sell at 0.9755, Target: 0.9655, Stop: 0.9790
Position : –
Target :Â –
Stop : –
As the greenback has fallen again after brief recovery, suggesting the fall from 0.9837 top is still in progress and bearishness remains for test of previous support at 0.9710, however, break there is needed to retain downside bias for further decline to 0.9669-70 (61.8% Fibonacci retracement of 0.9565-0.9837 and previous support) but previous support at 0.9642 should remain intact due to near term oversold condition.
In view of this, would not chase this fall here and we are looking to sell dollar on recovery as resistance at 0.9767 should limit upside and bring another decline later. Only break of resistance at 0.9808 would signal an intra-day low is formed and indicate the pullback from 0.9837 has ended, bring retest of this level later.Â
