USD/CHF – 0.9745
Original strategy :
Buy at 0.9690, Target: 0.9790, Stop: 0.9655
Position : –
Target : –
Stop : –
New strategy :
Buy at 0.9690, Target: 0.9790, Stop: 0.9655
Position : –
Target : –
Stop : –
As the greenback has maintained a firm undertone after staging a strong rebound from 0.9583 (last week’s low), adding credence to our view that the retreat from 0.9773 has ended there, hence consolidation with upside bias remains for another test of said resistance, however, break there is needed to confirm early rise from 0.9438 low has resumed and extend gain to 0.9808 and possibly 0.9825 resistance, having said that, near term overbought condition should limit upside and price should falter below previous support at 0.9859.
In view of this, we are looking to reinstate long on pullback as 0.9690-95 should limit downside and bring another rise later. Below previous resistance at 0.9675 would defer and risk weakness towards 0.9640 but downside should be limited to 0.9615-20 and bring another rise later.
