USD/CHF – 1.0000
New strategy :
Sell at 1.0000, Target: 0.9900, Stop: 1.0035
Position : –
Target : –
Stop : –
Current breach of support at 1.0008 signals top has been formed at 1.0108 last week and consolidation with downside bias is seen for further fall to 0.9960-67 (50% Fibonacci retracement of 0.9813-1.0108 and 100% projection of 1.0108-1.0008 measuring from 1.0067), however, reckon downside would be limited to 0.9943-48 (1.236 times projection and previous support) and 0.9926 (61.8% Fibonacci retracement) would hold, bring rebound later.
In view of this, would not chase this fall here and would be prudent to sell dollar on recovery as 1.0020 should limit upside, bring another decline. Above 1.0050-55 would suggest low is possibly formed but break of resistance at 1.0067 is needed to add credence to this view, brig test of key resistance at 1.0090 first.