USD/CHF – 0.9566
Most recent candlesticks pattern : N/A
Trend : Down
Tenkan-Sen level : 0.9580
Kijun-Sen level : 0.9603
Ichimoku cloud top : 0.9614
Ichimoku cloud bottom : 0.9598
Original strategy :
Buy at 0.9540, Target: 0.9640, Stop: 0.9505
Position : –
Target : –
Stop : –
New strategy :
Buy at 0.9520, Target: 0.9620, Stop: 0.9485
Position : –
Target : –
Stop : –
The greenback opened lower today and further consolidation below last week’s high of 0.9680 would be seen, hence downside risk is for another fall towards 0.9539-47 support area, however, if our view that low has been formed at 0.9428 last week is correct, downside would be limited to 0.9520 and bring another rebound later. Above 0.9653-55 resistance would bring another test of 0.9680 but break there is needed to add credence to this view and extend gain to resistance at 0.9698-99 which needs to be penetrated to retain bullishness for headway to 0.9730-40.
In view of this, would not chase this rise here and would be prudent to buy dollar on further subsequent retreat. Below 0.9515-20 would risk weakness to 0.9490-00 but still reckon downside would be limited to 0.9450-60 and said support at 0.9428 should remain intact, bring another rebound later.
