Trade Idea Update: USD/CHF – Exit long entered at 0.9610

USD/CHF – 0.9705

Original strategy :

Bought at 0.9610, Target: 0.9710, Stop: 0.9600

Position : – Long at 0.9610

Target :  – 0.9710

Stop : – 0.9600

New strategy  :

Exit long entered at 0.9610 and stand aside

Position : – Long at 0.9610

Target :  –

Stop : –

Current anticipated rally above indicated resistance at 0.9675 adds credence to our view that the fall from 0.9773 has formed a low at 0.9583 on Friday and although near term upside bias remains for the rebound from there to extend gain to 0.9720-30, as broad outlook remains consolidative, reckon upside would be limited to 0.9750 and price should falter below said resistance at 0.9773, bring retreat later.

In view of this, would be prudent to exit our long position entered at 0.9610 and stand aside for now. Below the Kijun-Sen (now at 0.9656) would suggest an intra-day top is formed instead, bring weakness to the lower Kumo (now at 0.9619) but break there is needed to signal the rebound from 0.9573 has ended, bring weakness to 0.9600 first.