USD/CHF – 0.9991
Most recent candlesticks pattern : N/A
Trend                                   : Up
Tenkan-Sen level                 : 0.9989
Kijun-Sen level                   : 0.9940
Ichimoku cloud top                : 0.9896
Ichimoku cloud bottom             : 0.9889
Original strategy :
Buy at 0.9900, Target: 1.0000, Stop: 0.9865
Position : –
Target :Â –
Stop : –
New strategy :
Buy at 0.9935, Target: 1.0035, Stop: 0.9900
Position : –
Target :Â –
Stop : –
As the greenback has continued heading north after breaking resistance at 0.9940, adding credence to our bullish view that recent rise from 0.9421 low is still in progress and may extend further gain to 1.0035-40, having said that, overbought condition should limit upside to 1.0075-80 and price should falter below 1.0100 resistance and bring retreat later.
In view of this, we are looking to buy dollar again on pullback as the Kijun-Sen (now at 0.9940, same level as previous resistance) should limit downside and bring another rise later. Below the Ichimoku cloud (now at 0.9889-96) would defer and suggest top is possibly formed, risk test of support at 0.9869.
