USD/CHF – 0.9630
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 0.9641
Kijun-Sen level : 0.9646
Ichimoku cloud top : 0.9671
Ichimoku cloud bottom : 0.9654
Original strategy :
Sell at 0.9685, Target: 0.9585, Stop: 0.9720
Position : –
Target : –
Stop : –
New strategy :
Sell at 0.9685, Target: 0.9585, Stop: 0.9720
Position : –
Target : –
Stop : –
As the greenback has remained under pressure after Friday’s selloff, bearishness remains for recent decline to resume after consolidation, below support at 0.9622 would extend weakness to 0.9600-05 (50% projection of 1.0100-0.9692 measuring from 0.9808) but oversold condition should limit downside to 0.9570 and price should stay above support at 0.9550, risk from there has increased for a rebound to take place later.
In view of this, we are looking to sell dollar on recovery as 0.9685-90 should limit upside. Only break of resistance at 0.9720 would abort and signal a temporary low is formed instead, bring a stronger rebound to 0.9750 and then 0.9770 but price should falter below resistance at 0.9808.
