USD/CHF – 0.7961
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level :0.8019
Kijun-Sen level :0.8022
Ichimoku cloud top :0.8117
Ichimoku cloud bottom :0.8097
Original strategy :
Buy at 0.7950, Target: 0.8080, Stop: 0.7915
Position: –
Target: –
Stop:-
New strategy :
Buy at 0.7900, Target: 0.8050, Stop: 0.7865
Position: –
Target: –
Stop:-
Although the greenback has fallen again after intra-day brief bounce which faltered below the Kijun-Sen and decline from 0.8240 top may bring a stronger retracement of recent upmove to 0.7935/40 (61.8% projection of 0.8240-0.7994 measuring from 0.8089), reckon previous support at 0.7892 would limit downside and bring rebound later. Having said that, a break of the Kijun-Sen (now at 0.8022) is needed to suggest low is possibly formed but only above resistance at 0.8089 would add credence to this view and then stronger rebound to previous support at 0.8121 would follow.
In view of this, we are inclined to buy dollar on next fall. Below previous support at 0.7875 would risk one more fall to 0.7850 before prospect of another rebound probably tomorrow.
