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 22:24 22 June 2006 | Comments

At the open of the Euro trading session we saw the US dollar rally against all the majors as traders look for a safe haven from the North Korea missile situation. So, the question now is, "is this rally done?" Well, we have the US Durable Goods report coming out tomorrow morning at 8:30 am EST. The forecasted number is about 0.4% versus the previous month at -4.4%. That's a pretty wide margin and this number maybe already priced into the market. We'll just have to wait and see tomorrow when the number is released. In case we see a surprise number lower than expected, here's a trade that should work out satisfactorily:

Short USD/CHF 1.2390, stop at 1.2420, pt1 at 1.2365, pt2 at 1.2353