USD/CHF – 0.9734
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 0.9739
Kijun-Sen level : 0.9739
Ichimoku cloud top : 0.9745
Ichimoku cloud bottom : 0.9735
Original strategy :
Sold at 0.9755, Target: 0.9655, Stop: 0.9775
Position : – Short at 0.9755
Target : – 0.9655
Stop : – 0.9775
New strategy :
Hold short entered at 0.9755, Target: 0.9655, Stop: 0.9775
Position : – Short at 0.9755
Target : – 0.9655
Stop : – 0.9775
As the greenback met renewed selling interest at 0.9772 and has slipped today, retaining our bearish view that the decline from 0.9837 top has resumed and downside bias remains for this move to extend weakness to 0.9669-70 (61.8% Fibonacci retracement of 0.9565-0.9837 and previous support) but previous support at 0.9642 should remain intact due to oversold condition, bring rebound later.
In view of this, we are holding on to our short position entered at 0.9755. Above said resistance at 0.9772 would defer but only break of resistance at 0.9808 would signal low is formed and indicate the pullback from 0.9837 has ended, bring retest of this level later.
