USD/CHF – 0.9686
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 0.9686
Kijun-Sen level : 0.9663
Ichimoku cloud top : 0.9559
Ichimoku cloud bottom : 0.9539
Original strategy :
Buy at 0.9600, Target: 0.9700, Stop: 0.9565
Position : –
Target : –
Stop : –
New strategy :
Buy at 0.9600, Target: 0.9700, Stop: 0.9565
Position : –
Target : –
Stop : –
Although the greenback slipped to 0.9490 yesterday, renewed buying interest emerged and dollar has rallied above indicated resistance at 0.9622-35, confirming recent decline has ended at 0.9438, hence upside bias is seen for the move from there to extend gain to 0.9730, however, break there is needed to retain bullishness and encourage for headway to 0.9750-60, then 0.9780 but reckon 0.9800 would hold from here.
In view of this, would not chase this rise here and would be prudent to buy dollar on pullback as previous resistance at 0.9596 should turn into support and contain dollar’s downside. Below 0.9570 would defer and risk test of the upper Kumo (now at 0.9559) but price should stay well above support at 0.9490, bring another rise later.
