USD/CHF – 0.9892
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 0.9900
Kijun-Sen level : 0.9918
Ichimoku cloud top : 0.9919
Ichimoku cloud bottom : 0.9907
Original strategy :
Sold at 0.9935, Target: 0.9835, Stop: 0.9950
Position : – Short at 0.9935
Target : – 0.9835
Stop : – 0.9950
New strategy :
Hold short entered at 0.9935, Target: 0.9835, Stop: 0.9950
Position : – Short at 0.9935
Target : – 0.9835
Stop : – 0.9950
As the greenback has retreated after meeting renewed selling interest at 0.9947 yesterday, retaining our bearishness and consolidation with downside bias remains for another retreat, below support at 0.9876 would add credence to our view that the rebound from 0.9846 has ended at 0.9947, bring further fall to 0.9860, then retest of 0.9846. Once this level is penetrated, this would signal the erratic decline from 1.0038 top has resumed for at least a retracement of early upmove to previous resistance at 0.9837, break below there would encourage for subsequent decline towards 0.9795-00.
In view of this, we are holding on to our short position entered at 0.9935. Above said resistance at 0.9947 would defer and risk test of 0.9970-75 but price should alter below resistance at 0.9987, bring another decline later.
