"Shalom" means Peace
"Mizrach Tichon" means Middle easr

The Hebrew sound "ch" should not be confused with "ch" in English. It is rather pronounced like j in Spanish.
Sometimes it is transliterated using an "x", in which case the phrase would be: "shalom bamizrax hatixon"

I always transliterate this sound as 'kh', partly to avoid confusion but also because it is written in Hebrew either with a dedicated letter (and then some people transliterate it as H as in Haifa, which is incorrect!), or with an unaccented K. The accented K sounds like the English K, so why not use kh?
I tend to use lower case and apostrophe for prefixed prepositions etc (e.g. ba = in the, ha=the).
Peace :)

Please note that the "ch" combination in both the second and third word denotes a sound similar to the way "j" or "g" are pronounced in Spanish. (Jose).