Pick of the Day: EUR/CHF
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!