USD/CHF - 0.9142

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

Tenkan-Sen level                       :0.9129
Kijun-Sen level                     :0.9144
Ichimoku cloud top                     :0.9202
Ichimoku cloud bottom                 :0.9196

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

Remark: Due to holidays, no update from 9 Feb – 20 Feb, Intra-day Trade Idea update will resume on Tuesday - 21 Feb 2012.

Despite intra-day brief fall to 0.9106, lack of follow through selling on break of previous support at 0.9112 and the subsequent rebound suggest consolidation would be seen and as long as said support holds, mild upside bias remains for another bounce to 0.9165-70 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.