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EUR/CHF has been trending downward during the global liquidation and now we’re seeing a retracement. We aren’t expecting any major news events out of Eurozone or Switzerland, so we’re going with a pure technical play as we eye 1.6100 as a major resistance level and a great price to jump in short.

On the chart, the 61.8% Fibonacci retracement lines up with the R1 pivot level and the psychological level of 1.6100, which makes a strong case as a resistance level.

Short EUR/CHF at 1.6110, stop at 1.6160, pt at 1.6070

Remember to never risk more that 1% of your account on any single trade, so please adjust your position sizes accordingly.

Good luck and trading!

This content is strictly for informational purposes only and does not constitute as investment advice. Trading any financial market involves risk. Please read our Risk Disclosure to make sure you understand the risks involved.