USD/CHF – 0.9197

Most recent candlesticks pattern    : N/A
Trend                                    : Near term down

Tenkan-Sen level                       :0.9202
Kijun-Sen level                     :0.9193
Ichimoku cloud top                     :0.9252
Ichimoku cloud bottom                 :0.9222

Original strategy :

Sell at 0.9310, Target: 0.9170, Stop: 0.9345

Position: -
Target:  -
Stop:-

New strategy  :  

Sell at 0.9310, Target: 0.9170, Stop: 0.9345

Position: -
Target:  -
Stop:-

Although dollar’s rebound after falling to an 8-week low of 0.9157 yesterday suggests consolidation above this level would take place and consolidation with mild upside bias is seen for retracement to 0.9236-52 (previous support and current level of the Ichimoku cloud top), renewed selling interest should emerge below 0.9315-20 (38.2% Fibonacci retracement of 0.9575-0.9157) and bring another decline later. A break of said support at 0.9157 would extend recent decline from 0.9595 top to 0.9140 (61.8% projection of 0.9575-0.9236 measuring from 0.9340), however, loss of near term downward momentum should prevent sharp fall below there and reckon 0.9100 would hold from here, risk from there is seen for a strong rebound later.

In view of this, we are looking to sell dollar on further corrective rebound. Only above resistance at 0.9340 would abort and signal the fall from 0.9575 has ended and risk a stronger rebound to 0.9370 but previous resistance at 0.9393 should cap upside.