EUR/USD has fallen from the highs this morning on worse than expected IFO data, and is now below 1.3500 again, as this pair is inversely correlated to USD/CHF, the latter is moving up off of it's lows of .9080 from two days ago. 60 Minute chart:
Any long positions would probably want to keep a relatively tight stop below 0.9180-70, but an earnest breach of the 0.9100 handle would probably invite more sellers and stop-loss selling for a target of 0.90 or lower. On the other hand, a move above 0.9120 would target the 0.9130-35 highs of September 23, 2013, beyond which we have 0.9175 or the 0.250 % Fibonacci retracement of the post FOMC drop from September 18, 2013 after the lack of Fed Tapering in September was announced. Going long here makes sense if 0.9130 is taken out convincingly for a move back above 0.92 in the next day or two. I am long from 0.9110 with a small position.
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