* Optimal weighting for first target is 80%. When Target price is achieved set remainder with a stop at break even. Trailing stops can improve the performance of this strategy as well.
CHF Commentary -
The pair managed to elicit a modicum of support ahead of the re-opening of the local 2017 4.25% bond auction. The Federal Treasury sold CHF 665Mln according to the recent results but USD/CHF failed to break below the key 1.2155/60 support level. Spot bounced off 1.2165 and local dealers cite EUR/CHF buying as "having impacted the Dollar pair". However, standing offers into the 1.2185 continue to stall the hopes of a run at the 1.2200 option barriers with the US unit generally seen in a consolidative mood ahead of the FOMC. EUR/CHF in contrast now looks capped by the 1.6495 & 1.6500 option strikes set for expiry today (NY cut at 14:00 GMT). The US data is set for release into North American trading but the 11:00 mortgage data and the 15:30 GMT Transportation Services Index have been overshadowed by the 18:15 GMT verdict from the latest one-day FOMC meeting. No change is expected but the Bernanke comments are being keenly awaited by the FX markets.
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