USD/CHF – 0.8595
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level :0.8593
Kijun-Sen level :0.8576
Ichimoku cloud top :0.8413
Ichimoku cloud bottom :0.8224
Original strategy :
Buy at 0.8440, Target: 0.8600, Stop: 0.8405
Position: –
Target: –
Stop:-
New strategy :
Buy at 0.8440, Target: 0.8600, Stop: 0.8405
Position: –
Target: –
Stop:-
Despite yesterday’s rebound from 0.8540, the greenback needs to penetrate this week’s high of 0.8630 to confirm recent upmove from record low of 0.7068 has resumed and extend gain to 0.8650, however, near term overbought condition should limit upside to 0.8700 and reckon 0.8750 would hold from here, risk from there has increased for a correction to take place later.
In view of this, we are still looking to buy dollar on subsequent pullback as renewed buying interest should emerge around 0.8435/40, bring such rise. Below 0.8400/05 would defer and risk retracement to 0.8360/70 but reckon 0.8320/25 (38.2% Fibonacci retracement of 0.7822 to 0.8630) would limit downside and bring another rise later.
