Trade Idea : USD/CHF – Hold long entered at 0.9700

USD/CHF – 0.9700

Original strategy :

Bought at 0.9700, Target: 0.9800, Stop: 0.9665

Position : – Long at 0.9700

Target :  – 0.9800

Stop : – 0.9665

New strategy  :

Hold long entered at 0.9700, Target: 0.9800, Stop: 0.9665

Position : – Long at 0.9700

Target :  – 0.9800

Stop : – 0.9665

Although dollar has fallen again after meeting renewed selling interest at 0.9766 and initial downside risk of marginal weakness from here cannot be ruled out, loss of downward momentum should prevent sharp fall to repeat again and bring subsequent rebound, above said resistance at 0.9766 would bring subsequent bounce to 0.9800 but reckon upside would be limited to 0.9825 and previous resistance at 0.9851 should remain intact, bring another decline later. 

In view of this, we are holding on to our long position entered at 0.9700. Below 0.9670-75 would risk weakness to 0.9650 but still reckon downside would be limited to 0.9620-25 and bring another rebound later.