We were will filled on half of our long USD/CHF trade idea at 1.2505. We made a 1.2484 low bid, 89 low offer in Asia last night just missing our 1.2485 buy limits for the second part of the position. Regardless, the market traded immediately north to the .618 retracement at 1.2568 before reversing all the way back down following this morning's US economic data. Because we were only filled on half of the position, I exited my position at the .618 retracement of 1.2567 before this morning's economic data netting 62 points on a half position.

Now, if you're still long USD/CHF, don't worry because I have just re-entered the market long at a 1.2506 average on .786 retracement with a 1.2485 stop. So, in effect, it's the same trade we had on last night. Dollars are very weak in here so don't get married to this position.

Todd Gordon is a Technical Currency Strategist and Fund Trader with GAIN Capital Group.

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