Trade Idea: USD/CHF – Took profit on long position and stand aside

Most recent candlesticks pattern : N/A Trend : Up

Tenkan-Sen level :1.1344 Kijun-Sen level :1.1363 Ichimoku cloud top :1.1336 Ichimoku cloud bottom :1.1262

Original strategy :

Bought at 1.1300, met target at 1.1400

New strategy :

Stand aside

Although the greenback rebounded after anticipated retreat to 1.1298 (we entered long here at 1.1300) and met our indicated upside target at 1.1400, as price then retreated from 1.1404 in overnight U.S. session, suggesting upmove is not ready to resume just yet and further consolidation is in store. Below said yesterday's low at 1.1298 would bring stronger retracement of recent rise towards the Ichimoku cloud bottom (now at 1.1262), then previous resistance at 1.1245, however, reckon 1.1195 (another previous minor resistance) would hold.

Above said overnight resistance at 1.1404 would revive bullishness for retest of 1.1446, break there would confirm upmove has resumed to 1.1490/00 but near term loss of upward momentum should limit upside to 1.1558 (1.236 times projection of 1.0732 to 1.1245 measuring from 1.0924)

In view of near term mixed outlook, we are standing aside for now.