USD/CHF – 0.9890
Most recent candlesticks pattern : N/A
Trend                                   : Up
Tenkan-Sen level                 : 0.9913
Kijun-Sen level                   : 0.9907
Ichimoku cloud top                : 0.9862
Ichimoku cloud bottom             : 0.9846
Original strategy :
Buy at 0.9840, Target: 0.9940, Stop: 0.9805
Position : –
Target :Â –
Stop : –
New strategy :
Buy at 0.9840, Target: 0.9940, Stop: 0.9805
Position : –
Target :Â –
Stop : –
As the greenback has retreated after rising to 0.9940, suggesting consolidation below this level would be seen and pullback to 0.9880, then test of the upper Kumo (now at 0.9862) cannot be ruled out, however, reckon support at 0.9838 would limit downside and bring another rise later, above said resistance at 0.9940 would extend recent rise from 0.9421 low to 0.9970, having said that, overbought condition should limit upside and price should falter well below psychological resistance at 1.0000, bring retreat later.
In view of this, we are looking to buy dollar again on further pullback as said support at 0.9838 should limit downside and bring another rise. A firm break below 0.9830 would defer and risk test of support at 0.9796 but only break of latter level would signal top is formed instead, risk retracement of recent rise to 0.9775-80, however, support at 0.973037 should remain intact.
