Cross-Eyeing EUR/CHF

crosseyed chart

Greetings! This pair has been in a serious uptrend as the Euro has been making all time highs against the Swissy and now we have a potential Fibonacci setup in the making which should get us in the uptrend at a better price.

No major news events to worry about in the next 24 hours, so technicals should be a bigger factor. Our risk is probably going to be risk aversion, especially if equities continue to sell off and carry trade unwinds ahead of the G-7 meeting this weekend.

So, we will buy at 1.6700 (50% Fibonacci retracement area) and our stop will be just below the 61% Fibonacci area:

Long EUR/CHF at 1.6700, stop at 1.6650, pt1 at 1.6750, pt2 at 1.6800

Remember to never risk more than 1% of your account on any single trade. Adjust position sizes accordingly!