Pick of the Day: USD/CHF

Today’s pick is on the good ol’ swissy… I like a short play on the pair but here’s a setup if it goes in either direction. If makes a strong move up I will probably enter long with a candle close above the 76.4% fib retracement line. I will place my stop at about the 50% fib line around 1.3116.

For a short play I would usually enter at the 38.2% fib line, but with all the moving averages in the way I think I will wait with a break and candle close below the blue area drawn on the chart. My will be set for the pivot point; approximately 1.3111.

As usual, I’m going for just 10 pips on the trade. Let’s see how it goes.