USD/CHF – 0.9895
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 0.9893
Kijun-Sen level : 0.9883
Ichimoku cloud top : 0.9861
Ichimoku cloud bottom : 0.9857
Original strategy :
Buy at 0.9860, Target: 0.9960, Stop: 0.9825
Position : –
Target : –
Stop : –
New strategy :
Buy at 0.9860, Target: 0.9960, Stop: 0.9825
Position : –
Target : –
Stop : –
As the greenback found support at 0.9828 and staged a strong rebound, retaining our view that further consolidation would be seen with mild upside bias for gain to 0.9915-20, however, break of resistance at 0.9935-36 is needed to signal low has been formed, bring a stronger rebound to 0.9960-65 but indicated resistance at 0.9978 should hold from here.
In view of this, we are looking to buy dollar on dips. Below said support at 0.9828 would revive bearishness and extend the decline from 0.9978 to 0.9795-00, however, reckon downside would be limited to 0.9750 and risk from there has increased for a rebound later due to anticipated oversold condition.
