USD/CHF – 0.9806
Most recent candlesticks pattern : N/A
Trend                                   : Up
Tenkan-Sen level                 : 0.9802
Kijun-Sen level                   : 0.9810
Ichimoku cloud top                : 0.9784
Ichimoku cloud bottom             : 0.9770
Original strategy :
Bought at 0.9790, Target: 0.9890, Stop: 0.9755
Position : – Long at 0.9790
Target :Â – 0.9890
Stop : – 0.9755
New strategy :
Hold long entered at 0.9790, Target: 0.9890, Stop: 0.9755
Position : – Long at 0.9790
Target :Â – 0.9890
Stop : – 0.9755
As dollar has retreated after rising to 0.9837 yesterday, suggesting consolidation below this strong resistance would be seen, however, reckon the upper Kumo (now at 0.9784) would limit downside and bring another rise later, above said resistance at 0.9837 would retain bullishness and confirm recent rise from 0.9421 low has resumed for headway to 0.9870 and possibly towards 0.9900.
In view of this, we are holding on to our long position entered at 0.9790. Below 0.9760 would defer and suggest the rebound from 0.9705 has ended instead, risk weakness to support at 0.9730, however, as broad outlook remains consolidative, reckon downside would be limited and said support at 0.9705 should remain intact.
