Trade Idea: USD/CHF - Stand aside

USD/CHF - 1.0396

Most recent candlesticks pattern : N/A
Trend : Near term up

Tenkan-Sen level : 1.0366
Kijun-Sen level : 1.0330
Ichimoku cloud top : 1.0306
Ichimoku cloud bottom : 1.0268

New trading strategy :

Stand aside

The greenback jumped to an intra-day high of 1.0450 on rumours of possible intervention by SNB (selling Swiss franc against euro), although the pair has retreated since, only break of support at 1.0282 would signal the correction from 1.0170 has ended, otherwise, upside bias remains and break of 1.0450-66 resistance area would signal a temporary low has been formed at 1.0170, then correction of recent decline to 1.0529 (previous support) and then 1.0555 (another previous support level) would follow.

In view of near term mixed outlook, we are standing aside in the meantime.