USD/CHF – 0.9682
New strategy :
Buy at 0.9630, Target: 0.9730, Stop: 0.9595
Position : –
Target : –
Stop : –
As dollar’s rebound has gathered momentum, suggesting the retreat from 0.9766 has ended at 0.9586 last week and consolidation with mild upside bias is seen for gain to 0.9720, then 0.9740, however, reckon resistance at 0.9766-73 would cap upside and bring further consolidation. Only a break of 0.9773 would retain bullishness and signal early rise from 0.9438 has resumed and extend gain to 0.9800.
In view of this, we are looking to buy dollar on pullback as 0.9620-30 should limit downside. Below 0.9600 would risk test of strong support at 0.9583-86 but only break there would signal a downside break of recent broad range has occurred, bring subsequent fall to 0.9550.
