Greetings! This pair has been in a serious uptrend as the Euro has been making all time highs against the Swissy and now we have a potential Fibonacci setup in the making which should get us in the uptrend at a better price.
No major news events to worry about in the next 24 hours, so technicals should be a bigger factor. Our risk is probably going to be risk aversion, especially if equities continue to sell off and carry trade unwinds ahead of the G-7 meeting this weekend.
So, we will buy at 1.6700 (50% Fibonacci retracement area) and our stop will be just below the 61% Fibonacci area:
Long EUR/CHF at 1.6700, stop at 1.6650, pt1 at 1.6750, pt2 at 1.6800
Remember to never risk more than 1% of your account on any single trade. Adjust position sizes accordingly!
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