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Trade Idea Update: USD/CHF – Stand aside

USD/CHF – 1.0077

New strategy  :

Stand aside

Position : –

Target :  –

Stop : –

The greenback met renewed selling interest at 1.0114 earlier today and has dropped again, suggesting the erratic fall from 1.0171 top is still in progress, however, break of support at 1.0065 is needed to retain bearishness and signal recent erratic rise from 0.9861 has ended and bring further fall to 1.0035-40 but support at 1.0009 should remain intact, bring rebound later.

In view of this, would not chase this fall here and would be prudent to stand aside in the  meantime. Above 1.0114 would bring test of indicated resistance at 1.0142 but break there is needed to signal low is formed instead, bring further gain towards last week’s high at 1.0171.

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