USD/CHF – 0.9833
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 0.9837
Kijun-Sen level : 0.9864
Ichimoku cloud top : 0.9932
Ichimoku cloud bottom : 0.9921
Original strategy :
Sell at 0.9910, Target: 0.9800, Stop: 0.9945
Position : –
Target : –
Stop : –
New strategy :
Sell at 0.9900, Target: 0.9800, Stop: 0.9935
Position : –
Target : –
Stop : –
The greenback only recovered to 0.9960 on Friday before meeting renewed selling interest and the subsequent selloff below previous support at 0.9861 adds credence to our bearish view that recent decline is still in progress and may extend weakness to 0.9810-15 (50% projection of 1.01710.9882 measuring from 0.9960), then 0.9795-00, however, loss of downward momentum should prevent sharp fall below 0.9770-75 (100% projection of 1.0171-0.9942 measuring from 1.0003), bring rebound later.
In view of this, would not chase this fall here and we are looking to sell dollar on subsequent rebound as 0.9900-10 should limit upside. Only above said resistance at 0.9960 would abort and signal low is formed, bring retracement of recent decline towards indicated previous resistance at 1.0003.
