Pick of the Day: USD/CHF

USD/CAD

We have one more trading day before the release of the Non-Farm Payrolls report on Friday, which means we will probably see more consolidation ahead of the report. We do have US economic reports starting at 8:30 am EST, but nothing significant enough to move the markets.

The European Central Bank will be making an interest rate statement tomorrow at 7:45 am EST, and ECB Pres. Trichet will comment afterwards, but the markets are expecting no change. If we do see volatility, it would be a perfect opportunity to put on a range trade if market prices reached either the pivot S1 line or R1 line.

Short USD/CHF @ 1.2500, stop @ 1.2520, pt1 @ 1.2480, pt2 @ 1.2460

Or

Long USD/CHF @ 1.2390, stop @ 1.2370, pt1 @ 1.2410, pt2 @ 1.2440