Today's FOREX Trade of the Day was a long USD/CHF position.
Entry Buy: 0.9636
Exit Sell: 0.9682
Notional Intraday Profit: +46 pips
Today's intraday Low of 0.9635 was above 23.6% retracement of Friday's Daily range, rendering the retracement level a profitable Entry Buy level.
Today's intraday High of 0.9690 was above the 50% retracement level of the range from November 2008 through August 2011, rendering the retracement level a profitable Exit Sell level.
Looking at the Monthly chart below, we can see that today's intraday High was just below the 23.6% retracement of the range from October 2000 through August 2011. This range coincides with the pair's relative High and Low during the lifetime of the Euro.
Upside price objectives include 0.9720, 1.0175, and 1.0299.
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