Trade Idea : USD/CHF – Stopped profit and stand aside

USD/CHF – 1.0086

Most recent candlesticks pattern : N/A

Trend                                    : Sideways

Tenkan-Sen level                  : 1.0086

Kijun-Sen level                    : 1.0106

Ichimoku cloud top                 : 1.0125

Ichimoku cloud bottom              : 1.0106

Original strategy :

Bought at 1.0065, stopped at 1.0095

Position : – Long at 1.0065

Target :  –

Stop : – 1.0095

New strategy  :

Stand aside

Position : –

Target :  –

Stop : –

As the greenback ran into resistance at 1.0135 and has retreated again after faltering below resistance at 1.0146, suggesting consolidation below this level would be seen and weakness to 1.0060-65 (61.8% Fibonacci retracement of 1.0009-1.0146 and previous support), however, as broad outlook remains consolidative, reckon downside would be limited to 1.0035-40 and price should stay well above support at 1.0009, bring rebound later.

On the upside, expect recovery to be limited to 1.0120 and price should falter well below resistance at 1.0146, bring retreat later. Only above said resistance at 1.0146 would extend recent erratic rise from 0.9661 to 1.0170-80 but reckon 1.0200 would hold from here.