USD/CHF – 0.9675
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 : –
Dollar’s rebound after marginal fall to 0.9613 suggests consolidation above this level would be seen and corrective bounce to 0.9700 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.
