Pick of the Day: USD/CHF

(Click on chart to enlarge)

The pair is in an uptrend, so I think I’m going to do a basic fib retracement play. As you can see the 38% Fib retracement level is lining up with the day’s pivot point. I am going to go long at 1.2993, with a stop at 1.2959. Ofcourse, I go for 10 pips first, and my aggressive profit target is going to be at 1.3037.