USD/CHF – 0.9707

Most recent candlesticks pattern : N/A

Trend                                    : Near term down

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Tenkan-Sen level                  : 0.9701

Kijun-Sen level                    : 0.9693

Ichimoku cloud top                 : 0.9749

Ichimoku cloud bottom              : 0.9729

Original strategy :

Sell at 0.9740, Target: 0.9640, Stop: 0.9775

Position : –

Target :  –

Stop : –

New strategy  :

Sell at 0.9740, Target: 0.9640, Stop: 0.9775

Position : –

Target :  –

Stop : –

Although the greenback did stage the anticipated rebound to 0.9808, dollar ran into heavy selling pressure at 0.9808 earlier this week and has dropped sharply since, the subsequent breach of previous support at 0.9692 confirms recent decline has resumed and may extend further weakness to 0.9655-60, then 0.9630, however, near term oversold condition should prevent sharp fall below 0.9600-05 (50% projection of 1.0100-0.9692 measuring from 0.9808), bring rebound later.

In view of this, we are looking to turn short on recovery as 0.9735-40 should limit upside and bring another decline. Only break of resistance at 0.9761 would abort and suggest a temporary low is possibly formed, risk test of said resistance at 0.9808 but only break there would provide confirmation.

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