Trade Idea Update: USD/CHF – Exit short entered at 1.0000

USD/CHF – 0.9950

Original strategy :

Sold at 1.0000, Target: 0.9900, Stop: 1.0010

Position : – Short at 1.0000

Target :  – 0.9900

Stop : – 1.0010

New strategy  :

Exit short entered at 1.0000,

Position : – Short at 1.0000

Target :  –

Stop : –

Although the greenback has remained under pressure and mild downside bias remains for recent decline from 1.0108 top to extend weakness to 0.9935-38 (50% projection of 1.0067-0.9955 measuring from 0.9992) and then 0.9926 (61.8% Fibonacci retracement of 0.9813-1.0108) but reckon 0.9900-05 (1.618 times projection of 1.0108-1.0008 measuring from 1.0067) would hold, bring rebound later.

In view of this, would be prudent to exit our short position entered at 1.0000. Above resistance at 0.9992 would suggest low is possibly formed but break of previous support at 1.0008 is needed to add credence to this view, bring a stronger rebound to 1.0020-30.