USD/CHF – 0.9991
Most recent candlesticks pattern : N/A
Trend : Up
Tenkan-Sen level : 1.0010
Kijun-Sen level : 1.0008
Ichimoku cloud top : 0.9978
Ichimoku cloud bottom : 0.9968
Original strategy :
Buy at 0.9980, Target: 1.0080, Stop: 0.9945
Position : –
Target : –
Stop : –
New strategy :
Buy at 0.9950, Target: 1.0050, Stop: 0.9915
Position : –
Target : –
Stop : –
As the greenback has retreated after faltering below indicated resistance at 1.0038, retaining our view that consolidation below this level would be seen and test of the lower Kumo (now at 0.9968) cannot be ruled out, however, reckon downside would be limited to 0.9950 and bring another rise later. A break of said resistance at 1.0038 would confirm recent upmove from 0.9421 low has resumed and may extend further gain to 1.0050-55, then towards 1.0075-80 but price should falter below 1.0100 resistance.
In view of this, we are looking to buy dollar again on further subsequent pullback as 0.9950 should limit downside, bring another rise later. Below said support at 0.9938 would abort and signal top is formed instead, risk correction to 0.9920-23 (38.2% Fibonacci retracement of 0.9737-1.0038) but 0.9885-90 (50% Fibonacci retracement) should limit downside and support at 0.9869 would reman intact.
