In this paper, we numerically and experimentally show that the director field orientation degeneracy within the Translationally Invariant Configuration (TIC) of a cholesteric liquid crystal under an electric field can be lifted by imposing a magnetic field B parallel to the electrodes. The configuration can be either parallel or perpendicular to the magnetic field depending on the values of the sample thickness, pitch, and applied voltage, with two equiprobable orientations in each case. The transition between the parallel and perpendicular orientations has hysteresis, suggesting that it is first order. When B is slightly tilted with respect to the electrode plane, the indeterminacy on the TIC orientation is removed when the TIC is directed along B.