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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June 2006

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Pick of the Day: USD/CHF

Posted 22:17 14 June 2006 | Comments

Since mid May the USD has risen against CHF steadily, and recently we've seen a sideways, ranging pattern in the currency pair. There was a strong move to the upside in an attempt to break the range, but it looks like it wasn't enough. Now, we're seeing lower highs and lower lows on the 1 hour chart signaling a break in uptrend, and a possible shift in direction or maybe short term correction.

Short USD/CHF at 1.2290, stop at 1.2320, pt1 at 1.2265, pt2 at 1.2235

Tomorrow morning we have multiple US economic reports being released, starting at 8:30 am EST. Please be cautious tomorrow morning.

Good luck and good trading!