USD/CHF – 0.9985
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 1.0012
Kijun-Sen level : 1.0018
Ichimoku cloud top : 1.0045
Ichimoku cloud bottom : 1.0039
Original strategy :
Sold at 1.0000, Target: 0.9900, Stop: 1.0035
Position : – Short at 1.0000
Target : – 0.9900
Stop : – 1.0035
New strategy :
Hold short entered at 1.0000, Target: 0.9900, Stop: 1.0035
Position : – Short at 1.0000
Target : – 0.9900
Stop : – 1.0035
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, we are holding on to our short position entered at 1.0000. Above the Kijun-Sen (now at 1.0017) would defer and risk rebound to 1.0040-45 but break of resistance at 1.0067 is needed to signal low is formed, bring test of key resistance at 1.0090 first.
