USD/CHF - 0.8370

Most recent candlesticks pattern    : N/A
Trend                                    : Down

Tenkan-Sen level                       :0.8369
Kijun-Sen level                         :0.8359
Ichimoku cloud top                     :0.8387
Ichimoku cloud bottom                 :0.8358

Original strategy : 

Sell at 0.8450, Target: 0.8330, Stop: 0.8485

New strategy  :  

Sell at 0.8450, Target: 0.8330, Stop: 0.8485

Although the greenback fell marginally to 0.8327 yesterday, lack of follow through selling on break of previous support at 0.8328 and the subsequent rebound suggest a minor low has been formed and consolidation with mild upside bias is seen for retracement to 0.8410/15 (38.2% Fibonacci retracement of 0.8547 to 0.8327), however, resistance at 0.8452-57 should limit upside and bring another decline later. A break of said support would signal downtrend has resumed and extend weakness towards 0.8275-80 (61.8% projection of 0.8895-0.8457 measuring from 0.8547) but reckon 0.8250 would hold, bring rebound later.

In view of this, we are still looking to sell dollar on further recovery. Only break of 0.8463/65 (61.8% Fibonacci retracement of 0.8547-0.8327) would suggest a temporary low has been formed and risk correction to 0.8500 and possibly towards 0.8544-47 (38.2% Fibonacci retracement of 0.8895-0.8327 and previous resistance).