About Pick of the Day

Each day, I will try to find what I believe is the best looking short term trade setup for the upcoming trading day or week. If you're a forex newbie, it can be tricky in the beginning trying to figure out how to look at charts and draw lines. My goal is help you understand the psychology of price movements so you can learn to analyze your own charts and trade on your very own. I will post my ideas and/or reviews through out each session right here, on Twitter and on Facebook.

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Pick of the Day: EUR/CHF

Posted 23:55 06 March 2007 | Comments

EUR/CHF has been trending downward during the global liquidation and now we're seeing a retracement. We aren't expecting any major news events out of Eurozone or Switzerland, so we're going with a pure technical play as we eye 1.6100 as a major resistance level and a great price to jump in short.

On the chart, the 61.8% Fibonacci retracement lines up with the R1 pivot level and the psychological level of 1.6100, which makes a strong case as a resistance level.

Short EUR/CHF at 1.6110, stop at 1.6160, pt at 1.6070

Remember to never risk more that 1% of your account on any single trade, so please adjust your position sizes accordingly.

Good luck and trading!