USD/CHF – 0.9644
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 0.9650
Kijun-Sen level : 0.9646
Ichimoku cloud top : 0.9671
Ichimoku cloud bottom : 0.9643
Original strategy :
Sell at 0.9720, Target: 0.9620, Stop: 0.9755
Position : –
Target : –
Stop : –
New strategy :
Sell at 0.9720, Target: 0.9620, Stop: 0.9755
Position : –
Target : –
Stop : –
As the greenback has rebounded after marginal fall to 0.9613, suggesting consolidation above this level would be seen and corrective bounce to 0.9680-85 is likely, however, reckon upside would be limited to resistance at 0.9720 and bring another decline later 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 resistance at 0.9720 should limit upside. Above 0.9740 would abort and signal a temporary low is formed instead, bring a stronger rebound to 0.9761 resistance but price should falter below resistance at 0.9808.
