Pick of the Day: EUR/CHF

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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!

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  • clam0391

    Must be a mistake here, stop at 1.1660???
    I’m taking this to mean 1.6160

  • pipcrawler

    thanks clam0391… that is what i meant and it’s been fixed… good luck!

  • clam0391

    Must be a mistake here, stop at 1.1660???
    I’m taking this to mean 1.6160

  • pipcrawler

    thanks clam0391… that is what i meant and it’s been fixed… good luck!

  • kath

    Hi So is this an open trade still? It is not showing in the March Pip count table and I would have this as a loss?

    Thanks

    Katherine

  • kath

    Hi So is this an open trade still? It is not showing in the March Pip count table and I would have this as a loss?

    Thanks

    Katherine