USD/CHF – 0.9475
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 0.9460
Kijun-Sen level : 0.9476
Ichimoku cloud top : 0.9558
Ichimoku cloud bottom : 0.9533
Original strategy :
Sell at 0.9555, target: 0.9455, Stop: 0.9590
Position : –
Target : –
Stop : –
New strategy :
Sell at 0.9555, target: 0.9455, Stop: 0.9590
Position : –
Target : –
Stop : –
The greenback has recovered after falling to 0.9438 on Friday suggesting consolidation above this level would be seen and corrective bounce to 0.9500 and then 0.9520-25 cannot be ruled out, however, reckon the upper Kumo (now at 0.9558) would limit upside and bring another decline later, below said support at 0.9438 would extend recent decline to 0.9405-10 but loss of momentum should limit downside to 0.9375-80, price should stay above 0.9350, risk from there is seen for a rebound later.
In view of this, we are looking to sell dollar on recovery as 0.9550-55 should limit upside and bring another decline. Above 0.9580-85 would suggest a temporary low is formed instead, bring a stronger rebound towards resistance at 0.9622 which is likely to hold from here.
