Pick of the Day: USD/CHF

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!