Going Long EURCHF As It Has Pulled Back to Support

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EURCHF has pulled back to support — a major support level established when the Swiss National Bank declared it would defend the 1.20 level on EURCHF back in 2011.

The chart above illustrates the trade setup; it is basically risking 53 pips to gain 256 pips, resulting in a reward/risk of a bit under 5:1.