More on CHF crosses (and EURCHF)
It’s obvious that most CHF crosses are having a retracement, especially after all the SNB talk about a possible intervention and an eventual Euro peg (if CHF crosses continue to appreciate). Well, all these talks have leaded most CHF crosses to a retracement… and if they are to retrace, most them have enough room to get a nice trade out of them…
As I have mentioned before, based on the current conditions, it is only recommended to choose one CHF cross to trade, because you open more than one trade, you are going to get the same result on all of them, and if you take more than one trade, you’ll end up risking more than you feel comfortable with.
Anyway, I would favor the EURCHF here. It still has around 500 pips before it hits the next LT resistance level and it is trading above every important level on the short term charts: