USD/CHF – 0.9667
New strategy :
Stand aside
Position : –
Target : –
Stop : –
Despite yesterday’s brief rise to 0.9766, the subsequent sharp retreat after faltering below resistance at 0.9773 dampened our bullishness and further choppy consolidation below said resistance would be seen, hence weakness to 0.9630-35 cannot be ruled out, however, reckon downside would be limited to 0.9600-05 and support at 0.9583 should remain intact, bring another rebound later.
On the upside, whilst recovery to 0.9700-05 cannot be ruled out, reckon upside would be limited to the upper Kumo (now at 0.9735) and price should falter well below resistance at 0.9766, bring another retreat later. As near term outlook is mixed, would be prudent to stand aside in the meantime.
