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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Pick of the Day: USD/CHF

Posted 6 years ago | 11:31 PM | 24 Apr 2007 | Comments

Good evening! My question of the day is will 1.20 hold or be broken in USD/CHF? Well, today we saw Existing Home Sales and Consumer Confidence come in lower than expected. We may see further USD weakness with Durable Goods and New Home Sales report out later at 8:30 am EST.

We're also seeing strength in the Swissy data, so I am short bias on this pair and the ideal situation for the trade looks to be short below 1.20, so that's what we'll do!

Short half position USD/CHF at 1.1980, stop at 1.2020, pt at 1.1940

With tons of reports coming out across the currencies, we will stick with a small position size.

Stay tuned for updates in case any fundamental shifts or if 1.20 holds. We will definitely change our strategy then. Good luck!