We went down to do a bit of bottom picking last night in USD/CHF and came up long a half position at 1.2485. Fib and trendline support served us well as the low market was 1.2477-82 on that move. We have traded up about 50 points into trendline resistance as we consolidate around 1.2535. Tighten up those stops on any remaining position for two reasons; first, we are caught within a big consolidation pattern shown on the chart, and second, NFP is tomorrow, which means the markets can go quiet very quickly.

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

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