USD/CHF - 1.0390

Original strategy : 

Sell at 1.0470, Target: 1.0350, Stop: 1.0520

New strategy  :  

Sell at 1.0470, Target: 1.0350, Stop: 1.0520

Although dollar has retreated after intra-day rebound from 1.0362 to 1.0449, break of said support is needed to confirm recent decline has once again resumed and extend weakness towards 1.0320/30 and possibly 1.0300, otherwise, further consolidation is in store and another corrective bounce to 1.0465/70 (38.2% Fibonacci retracement of 1.0640 to 1.0362) cannot be ruled out but renewed selling interest should emerge there and bring another decline later. Having said that, loss of near term downward momentum should prevent sharp fall below 1.0268 (50% projection of 1.1138 to 1.0394 measuring from 1.0640) and bring correction later.

In view of this, we are still looking to sell dollar on recovery. Only above previous support at 1.0545 would signal a temporary low has been formed.