USD/CHF – 1.0000
Most recent candlesticks pattern : N/A
Trend                                   : Up
Tenkan-Sen level                 : 1.0011
Kijun-Sen level                   : 0.9991
Ichimoku cloud top                : 0.9914
Ichimoku cloud bottom             : 0.9907
Original strategy :
Buy at 0.9935, Target: 1.0035, Stop: 0.9900
Position : –
Target :Â –
Stop : –
New strategy :
Buy at 0.9920, Target: 1.0030, Stop: 0.9885
Position : –
Target :Â –
Stop : –
As the greenback has retreated after rising to 1.0038, suggesting minor consolidation below this level would be seen and pullback to 0.9960-65 is likely, below would bring correction to previous resistance at 0.9940, however, reckon 0.9920-25 (38.2% Fibonacci retracement of 0.9737-1.0038) would limit downside and bring another rise, above said resistance at 1.0038 would extend recent rise from 0.9421 low to 1.0050-55, 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 upper Kumo (now at 0.9914) should limit downside, bring another rise later. Below 0.9885-90 (50% Fibonacci retracement of 0.9737-1.0038) would defer and suggest top is possibly formed, risk test of support at 0.9869.
