USD/CHF – 0.9826
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 0.9833
Kijun-Sen level : 0.9803
Ichimoku cloud top : 0.9849
Ichimoku cloud bottom : 0.9841
Original strategy :
Exit short entered at 0.9860,
Position : – Short at 0.9860
Target : –
Stop : –
New strategy :
Buy at 0.9785, Target: 0.9885, Stop: 0.9750
Position : –
Target : –
Stop : –
Although the greenback dropped sharply to as low as 0.9735 on Friday, the subsequent reversal on dollar’s broad-based strength suggests low is formed there and consolidation with upside bias is seen for gain to last week’s high at 0.9882, however, a sustained breach above this level is needed to confirm this view and bring at least a retracement of recent decline to 0.9900 and later towards resistance at 0.9947.
In view of this, we are looking to buy dollar on dips as 0.9775-85 should limit downside and bring another rebound. Below 0.9750 would risk a retest of said last week’s low at 0.9735 but only break there would signal the decline from 1.1038 top has resumed for weakness to 0.9705 support.
