USD/CHF – 0.9855
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 0.9840
Kijun-Sen level : 0.9849
Ichimoku cloud top : 0.9859
Ichimoku cloud bottom : 0.9848
Original strategy :
Sold at 0.9860, Target: 0.9760, Stop: 0.9885
Position : – Short at 0.9860
Target : – 0.9760
Stop : – 0.9885
New strategy :
Exit short entered at 0.9860,
Position : – Short at 0.9860
Target : –
Stop : –
The greenback continued finding good support at 0.9816 and has staged a strong rebound in NY morning, dampening our bearishness and risk of another bounce to 0.9882-83 (yesterday’s high and 61.8% Fibonacci retracement of 0.9947-0.9778) cannot be ruled out, however, reckon upside would be limited to previous support at 0.9899 and price should falter well below resistance at 0.9947, bring another decline next week.
In view of this, would be prudent to exit short entered at 0.9860 and stand aside for now. Below said support at 0.9816 would revive bearishness and signal the rebound from 0.9778 has ended at 0.9882, bring retest of this level later, a break of this support is needed to confirm recent decline from 1.0038 top has resumed and extend weakness towards 0.9730-37 support area but reckon support at 0.9705 would hold from here.
