British Pound Cross Pick 07.16.09

[B]My picks:[/B] Pending Long GBP/CHF
[B]Expertise:[/B] Fundamentals and Technicals
[B]Average Time Frame of Trades:[/B] 2 - 10 Days

Following up with the long pound-franc recommendation from the previous week, the rally in the GBP/CHF last Thursday opened the long entry I placed at 1.7715, the 6/3 high however, the sell-off during the Asian session on Monday closed out my position with an 85pip loss. Despite the huge swings in the exchange rate, the pound-franc continued to trend higher throughout the week, and I will attempt to enter a long position again as the pair retraces the sell-off from earlier in the week. As a result, I will follow the same trade from the previous week with the buy entry at 1.7715, the 6/3 high, and the target at 1.8014, the 6/29 high, while I have placed the stop at 1.7623, the 6/1 high.