Euro Cross Pick 06.02.09

[B]My picks:[/B] Range Trade EUR/CHF
[B]Expertise:[/B] Fundamentals and Technicals
[B]Average Time Frame of Trades:[/B] 2 - 10 Days

The euro-franc continued to hold a tight range ahead of the European Central Bank’s May policy meeting, and the lack of momentum to push above 1.5280 (38.2% Fib of 1.4299-1.5885) should lead the pair towards the lower end of its range this week as the central bank is widely expected to adopt unconventional tools to stimulate the economy. As a result, I placed a short EUR/CHF entry at 1.5132, the 5/21 low, earlier this week, and the fall in the exchange rate during the overnight has opened the trade. I have placed my target at 1.5016, the April low, with the stop at 1.5185, the 5/26 high.