USD/CHF – 0.9890
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 0.9884
Kijun-Sen level : 0.9869
Ichimoku cloud top : 0.9866
Ichimoku cloud bottom : 0.9861
New strategy :
Buy at 0.9860, Target: 0.9960, Stop: 0.9825
Position : –
Target : –
Stop : –
Despite yesterday’s brief fall to 0.9828, lack of follow through selling on break of previous support at 0.9835 and the subsequent rebound suggest consolidation would be seen with mild upside bias for gain to 0.9915-20, however, break of resistance at 0.9935-36 is needed to signal low has been formed, bring a stronger rebound to 0.9960-65 but indicated resistance at 0.9978 should hold from here.
In view of this, we are looking to buy dollar on dips. Below said support at 0.9828 would revive bearishness and extend the decline from 0.9978 to 0.9795-00, however, reckon downside would be limited to 0.9750 and risk from there has increased for a rebound later due to anticipated oversold condition.
