About Pick of the Day

Pick of the Day Author

At the end of each trading day, I will find what I believe is the best looking short term trade setup for the upcoming trading day. 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. Trades will be posted by 1 am ET, Monday through Thursday evening.

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Pick of the Day: USD/CHF

Posted 23:55 01 November 2006 | 0

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

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Forex Blog: Pick of the Day

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