USD/CHF – 0.9880
Original strategy :
Buy at 0.9795, Target: 0.9895, Stop: 0.9760
Position : –
Target : –
Stop : –
New strategy :
Buy at 0.9795, Target: 0.9895, Stop: 0.9760
Position : –
Target : –
Stop : –
As the greenback has retreated after rising to 0.9882 yesterday, suggesting consolidation below this level would be seen and pullback to 0.9815-20 cannot be ruled out, however, reckon support at 0.9796 would limit downside and bring another rise later, above said resistance at 0.9882 would add credence to our view that recent upmove from 0.9421 has resumed and bullishness remains for this move to extend headway to 0.9870 and possibly towards 0.9900, having said that, overbought condition should limit upside and price should falter below 0.9940-50, bring retreat later.
In view of this, we are looking to buy dollar again on pullback as support at 0.9796 should limit downside and bring another rise. Below 0.9765-70 would defer and suggest top is possibly formed, risk test of indicated support at 0.9730-37, however, break there is needed to provide confirmation, then further fall to previous support at 0.9705 would follow.
