USD/CHF – 0.962
Original strategy :
Bought at 0.9620, Target: 0.9720, Stop: 0.9585
Position : – Long at 0.9620
Target : – 0.9720
Stop : – 0.9585
New strategy :
Hold long entered at 0.9620, Target: 0.9720, Stop: 0.9585
Position : – Long at 0.9620
Target : – 0.9720
Stop : – 0.9585
Dollar’s retreat after faltering below resistance at 0.9699 suggests initial downside risk remains for marginal weakness, however, as long as support at 0.9586 holds, prospect of another rebound remains, above indicated resistance at 0.9699 would signal the retreat from 0.9766 has ended at 0.9586 last week and mild upside bias is seen for gain to 0.9720, then 0.9740, having said that, reckon resistance at 0.9766-73 would cap upside and bring further consolidation. Only a break of 0.9773 would retain bullishness and signal early rise from 0.9438 has resumed and extend gain to 0.9800.
In view of this, we are holding on to our long position entered at 0.9620. Below 0.9600 would risk test of strong support at 0.9583-86 but only break there would signal a downside break of recent broad range has occurred, bring subsequent fall to 0.9550.
