USD/CHF – 1.0063
Original strategy :
Buy at 0.9995, Target: 1.0100, Stop: 0.9960
Position : –
Target :Â –
Stop : –
New strategy :
Stand aside
Position : –
Target :Â –
Stop : –
As the greenback has surged again after staging a strong rebound from 1.0008, suggesting the fall from 1.0108 has ended there and consolidation with mild upside bias is seen for test of resistance at 1.0090, however, a firm break above there is needed to retain bullishness and signal the fall from 1.0108 has ended, bring a retest of 1.0108 but only a break of this week’s high at 1.0108 would confirm recent upmove from 0.9813 has resumed for headway to 1.0140-45 and later towards another previous resistance at 1.0171.Â
In view of this, would not chase this rise here and would be prudent to stand aside for now. Below the Tenkan-Sen (now at 1.0040) would bring test of 1.0025, break there would signal an intra-day top is formed, bring another fall to 1.0007, once this level is penetrated, this would revive bearishness and extend fall to previous support at 0.9995, then towards 0.9970 (50% Fibonacci retracement of 0.9831-1.0108).Â
