USD/CHF - 1.0638

Most recent candlesticks pattern    : N/A
Trend                                    : Down

Tenkan-Sen level                       :1.0641
Kijun-Sen level                         :1.0665
Ichimoku cloud top                     :1.0765
Ichimoku cloud bottom                 :1.0715

Original strategy :  

Sell at 1.0790, Target: 1.0630, Stop: 1.0840

New strategy  : 

Sell at 1.0790, Target: 1.0630, Stop: 1.0840

As dollar has remained sidelined partly due to cross-trading in Swiss franc, suggesting further consolidation above yesterday’s low at 1.0579 would be seen and although retracement to the Ichimoku cloud bottom (now at 1.0715) and then resistance at 1.0752 cannot be ruled out, reckon resistance at 1.0817 (previous support turned resistance) would cap upside and bring another decline later. Below intra-day support at 1.0586 would extend weakness to 1.0577 (100% projection of 1.1547 to 1.0986 measuring from 1.1138), then 1.0540 but loss of near term downward momentum should prevent sharp fall below 1.0500.

In view of this, we are looking to sell dollar on recovery. Above 1.0817 (previous support) would defer but only break of 1.0856 would signal temporary low is in place, then correction to 1.0903 would follow.