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 23:31 24 April 2007 | 0

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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!

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