USD/CHF Signal Update
Yesterday’s signals produced a losing long trade just after yesterday’s London open as the price nudged above 0.9450.
Today’s USD/CHF Signals
Risk 0.75% per trade.
Trades may only be entered between 8am and 5pm London time today.
Long Trade 1
- Go long after bullish price action on the H1 time frame following a touch of 0.9248.
- Put the stop loss 1 pip below the local swing low.
- Adjust the stop loss to break even once the trade is 30 pips in profit.
- Remove 50% of the position as profit when the trade is 30 pips in profit and leave the remainder of the position to ride.
Short Trade 1
- Short entry after bearish price action on the H1 time frame following a touch of 0.9450.
- 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 ride.
USD/CHF Analysis
This pair was not immune to the wild market movement yesterday, falling to a low very close to the support level I had identified some time ago at 0.9248, right at a key psychological level. However since New York really got going the USD has been roaring back against the CHF, and we are almost back up to the level we opened with in London yesterday morning!
I see the nearest resistance at 0.9450. The bullish momentum currently makes looking for a reversal here kind of frightening, but if it stalls very close or at this level over the next few hours and turns around, it might be a good short trade. This pair does like to consolidate, typically.
There is nothing due today concerning the CHF. Regarding the USD, there will be a release of CB Consumer Confidence data at 3pm London time.