Trade Idea Update: USD/CHF – Hold long entered at 0.9140

USD/CHF - 0.9131

Original strategy : 

Bought at 0.9140, Target: 0.9255, Stop: 0.9105

Position: - Long at 0.9140
Target:  - 0.9255
Stop:- 0.9105

New strategy  :  

Hold long entered at 0.9140, Target: 0.9255, Stop: 0.9105

Position: - Long at 0.9140
Target:  - 0.9255
Stop:- 0.9105

Despite intra-day brief fall to 0.9106, lack of follow through selling on break of previous support at 0.9112 suggests consolidation would be seen and as long as said support holds, mild upside bias remains for another rebound to the Kijun-Sen (now at 0.9167) and possibly to the Ichimoku cloud bottom (now at 0.9196), however, break of resistance at 0.9227 (yesterday’s high) is needed to signal a temporary low is possibly formed, bring further gain towards resistance at 0.9263 later.

In view of this, we are holding on to our long position entered at 0.9140. Only below support at 0.9106 would abort and signal recent decline from 0.9595 top has resumed and extend weakness to 0.9080, however, reckon 0.9040 would limit downside and 0.9015-20 (50% projection of 0.9575-0.9112 measuring from 0.9250) would hold, bring another rebound later.