USD/CHF Signal Update
Yesterday’s signals might have given a short entry during the New York session, which would have been a losing trade.
Today’s USD/CHF Signals
Risk 0.75% per trade.
Trades must be taken before 5pm London time today.
Short Trade 1
- Go short after bullish price action on the H1 time frame following the next touch of the zone between 0.9571 and 0.9600.
- Place the stop loss 1 pip above the local swing high.
- Move the stop loss to break even once the trade is 20 pips in profit.
- Take off 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.
Long Trade 1
- Go long after bullish price action on the H1 time frame following the next touch of 0.9418.
- Place the stop loss 1 pip below the local swing low.
- Move the stop loss to break even once the trade is 20 pips in profit.
- Take off 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.
Long Trade 2
- Go long after bullish price action on the H1 time frame following the next touch of 0.9330.
- Place the stop loss 1 pip below the local swing low.
- Move the stop loss to break even once the trade is 20 pips in profit.
- Take off 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.
USD/CHF Analysis
We have had more bullishness with the CHF suddenly acting relatively very weak against the resurgent USD. The resistance zone at around the psychologically key 0.9500 area seems to have been quite decisively broken. Looking at the bigger picture, we can also see that a bullish trend line has established itself, and it is currently confluent with the anticipated horizontal support level at 0.9418.
It looks like the price is going to now move up and test the next area of potential resistance between 0.9571 and 0.9600.
There is nothing due today regarding the CHF. Concerning the USD, there will be a release of Unemployment Claims data at 1:30pm London time followed by the Fed Chair’s testimony before Congress and the Philly Fed Manufacturing Index at 3pm.