USD/CHF - 1.0370

Original strategy : 

Sell at 1.0500, Target: 1.0390, Stop: 1.0550

New strategy  :  

Sell at 1.0475, Target: 1.0350, Stop: 1.0525

Despite intra-day brief drop to 1.0350, the quick rebound from there suggests consolidation would be seen and retracement to the Tenkan-Sen (now at 1.0433) cannot be ruled out, however, upside should be limited to 1.0465/75 and the Ichimoku cloud bottom (now at 1.0517) should hold, bring another decline. Break of said support would bring a retest of recent low at 1.0332 but below there is needed to confirm downtrend has resumed and extend weakness to 1.0300, then 1.0288 (1.618 times projection of 1.0630 to 1.0465 measuring from 1.0555).

In view of this, we are still looking to sell dollar on recovery but at a lower level. Break of the lower Kumo (now at 1.0517) would prolong choppy trading and risk test of 1.0547-55 (current level of the upper Kumo and Friday’s high).