USD/CHF - 0.9120

New strategy  :  

Stand aside

Position: -
Target:  -
Stop:-

As the greenback has remained confined within near term established range, further consolidation within 0.9083-0.9149 would be seen and reckon said resistance would limit upside, bring another test of 0.9083, break there would extend recent decline to 0.9050-60, however, loss of downward momentum should prevent sharp fall below 0.9030 and reckon psychological support at 0.9000 would hold, bring another rebound later.

On the upside, above said resistance at 0.9149 (this would also penetrate the lower Kumo at 0.9145) would suggest a temporary low is possibly formed, however, a sustained breach of 0.9192 (50% Fibonacci retracement of 0.9300-0.9083) is needed to add credence to this view and bring retracement of recent decline to resistance at 0.9208 and possibly 0.9217 (61.8% Fibonacci retracement) which is likely to hold from here.

As near term outlook is still mixed, would be prudent to stand aside in the meantime.