Commerce Concept Wrap-up: USD/CHF - Promote at Zero.9950

USD/CHF – 0.9870

Most recent candlesticks pattern : Long black candlestick

Trend                                    : Near term down

Tenkan-Sen level                  : 0.9898

Kijun-Sen level                    : 0.9901

Ichimoku cloud top                 : 0.9982

Ichimoku cloud bottom              : 0.9971

Original strategy :

Sell at 0.9950, Target: 0.9850, Stop: 0.9985

Position : –

Target :  –

Stop : –

New strategy  :

Sell at 0.9950, Target: 0.9850, Stop: 0.9985

Position : –

Target :  –

Stop : –

Current break of last week’s low at 0.9875 confirms the decline from 1.0328 top has resumed and bearishness remains for this fall to bring retracement of early upmove to 0.9850 and later towards 0.9815-20 (50% projection of 1.0308-0.9875 measuring from 1.0035), however, oversold condition should limit downside to 0.9790-00 and reckon 0.9765-70 (61.8% projection) would hold.

In view of this, we are looking to sell dollar on recovery but at a lower level. Only above the upper Kumo (now at 0.9982) would defer and risk rebound to 1.0000 but break of resistance at 1.0035 is needed to signal a temporary low is formed instead.

Commerce Concept Wrap-up: USD/CHF - Promote at Zero.9950