Taking Some Profit on USD/CHF Long
The trade from yesterday has worked out nicely thus far (read HERE). I was looking for USD/CHF to find at least some temporary footing around .9500/50 which it has. As per my comment yesterday, I have taken profit on half the position in the .9635 area and moved the stop on the remaining position to right around cost. A daily close over .9650 is probably needed to maintain upside momentum and open the door to a more important recovery move higher in the pair. Weakness back under .9550 would raise concerns that the intermediate-term downtrend is resuming, but only a clear break under .9500 would signal that a more aggressive decline is indeed underway.
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