Trade Idea : USD/CHF – Hold long entered at 0.9950

USD/CHF – 0.9988

Most recent candlesticks pattern : N/A

Trend                                    : Up

Tenkan-Sen level                  : 0.9994

Kijun-Sen level                    : 0.9994

Ichimoku cloud top                 : 1.0001

Ichimoku cloud bottom              : 0.9998

Original strategy :

Bought at 0.9950, Target: 1.0050, Stop: 0.9970

Position : – Long at 0.9950

Target :  – 1.0050

Stop : – 0.9970

New strategy  :

Hold long entered at 0.9950, Target: 1.0050, Stop: 0.9970

Position : – Long at 0.9950

Target :  – 1.0050

Stop : – 0.9970

The greenback has remained confined within near term established range and further sideways trading is in store, however, as long as 0.9970-75 holds, bullishness remains for recent rise to resume after consolidation, above indicated resistance at 1.0029 would bring retest of 1.0038, break there would confirm the rise from 0.9421 low has resumed and extend further gain to 1.0050-55, then towards 1.0075-80 but price should falter below 1.0100 chart resistance.

In view of this, we are holding on to our long position entered at 0.9950. Only below said support at 0.9938-48 would abort and signal top is formed instead, risk correction to 0.9920-23 (38.2% Fibonacci retracement of 0.9737-1.0038) but 0.9885-90 (50% Fibonacci retracement) should limit downside, bring another upmove later.