USD/CHF - 1.1404
Most recent candlesticks pattern : N/A Trend : Up
Tenkan-Sen level :1.1384 Kijun-Sen level :1.1300 Ichimoku cloud top :1.1152 Ichimoku cloud bottom :1.1127
Original strategy :
Buy at 1.1200, Target: 1.1330, Stop: 1.1150
New strategy :
Buy at 1.1335, Target: 1.1435, Stop: 1.1285
This morning's rally on the back of selloff in the single currency signals recent upmove is still in progress and further gain to 1.1490/00 would be seen, however, near term overbought condition should limit upside to 1.1558 (1.236 times projection of 1.0732 to 1.1245 measuring from 1.0924) and risk from there has increased for a retreat later.
In view of this, we are looking to buy dollar on pullback as the Kijun-Sen (now at 1.1300) should hold. Only a sustained breach below this line would suggest a temporary top is formed and risk retracement to 1.1265 (previous resistance) and then towards 1.1200.