USD/CHF (Short)

I managed to get into a short position yesterday on USD/CHF at 1.1731 and it went very close to my target of 1.1500. Earlier, the Switzerland consumer price index came in at a low of 0.1%. Further, the Swiss national bank also hinted at intervention to allow the currency to trade lower and thereby stimulating exports. The pair swiftly went up to 1.17 regions where it experience some resistance. The pair earlier had turned back after meeting this resistance and I figured that this time it will not be any different. The markets were holding their breath as US released their plans for the bank rescue and other broad economy stimulus and the pair give up the gains as I expected. However after the announcement, the broad market seems skeptical of the bank rescue plan and the trend sort of reversed. I decide to cut short my trade and exited at 1.1565 making a profit of 166 pips.