Pick of the Day: USD/CHF

The big news report tomorrow would have to be the US Trade Balance report. Forecasters are expecting a higher deficit because of higher export prices, due to a stronger greenback, and higher oil prices; so we should see a drop in the USD/CHF tomorrow. In will have a short trade idea in case this scenario plays out, and with a downtrend on the daily and 4 hour charts, it looks to be a high probability trade. Also, we’ll have a long trade ready, in case of the very low probability that we’ll see good Trade Balance numbers for the US. Here we go:

Short USD/CHF at 1.2290, stop at 1.2310, pt1 at 1.2260, pt2 at 1.2240

Long USD/CHF at 1.2360, stop at 1.2340, pt1 at 1.2390, pt2 at 1.2410

Good luck and good trading!