USD/CHF – 0.9855
Original strategy :
Sell at 0.9910, Target: 0.9800, Stop: 0.9945
Position : –
Target : –
Stop : –
New strategy :
Sell at 0.9910, Target: 0.9800, Stop: 0.9945
Position : –
Target : –
Stop : –
The greenback found support at 0.9813 yesterday and has recovered, suggesting consolidation above this level would be seen and corrective bounce to 0.9880 is likely but upside should be limited to 0.9900-10 and bring another decline later, below said support at 0.9813 would confirm recent decline has resumed and extend weakness to 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.
