USD/CHF Signal Update
Yesterday’s signals expired without being triggered as there was insufficiently bullish price action when the price reached the 0.9600 level.
Today’s USD/CHF Signals
Risk 0.75% per trade.
Trades may only be entered between 8am and 5pm London time today only.
Long Trade 1
Long entry after bullish price action on the H1 time frame following the next touch of 0.9537.
Put the stop loss 1 pip below the local swing low.
Adjust the stop loss to break even once the trade is 20 pips in profit.
Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.
Long Trade 2
Long entry after bullish price action on the H1 time frame following the next touch of the bullish trend line currently sitting at around 0.9475.
Put the stop loss 1 pip below the local swing low.
Adjust the stop loss to break even once the trade is 20 pips in profit.
Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.
Short Trade 1
Short entry after bearish price action on the H1 time frame following the next touch of 0.9600.
Put the stop loss 1 pip above the local swing high.
Adjust the stop loss to break even once the trade is 20 pips in profit.
Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.
USD/CHF Analysis
The support at 0.9600 initially held yesterday but finally was broken. The price pulled back to test the round number at 0.9600 from below in a classic break and retest on the shorter time frames before falling with momentum, but that move ran out of steam quite quickly.
Therefore overall the rangy conditions with a bullish bias persist. The outcome of the next test of 0.9600 is probably going to confirm what will happen next.
There is nothing due today regarding the CHF or the USD.